Enterprise Ireland, the enterprise support agency of the Irish government, is set to make up to €44m ($47m) in additional funding available to seed and early-stage companies.
The agency has opened a competitive call for fund managers to signal their interest in taking on some of the capital and establishing funds. The money is expected to leverage private sector investments.
Enterprise Ireland is particularly interested in funds that will invest in sectors including software, food, fintech, ICT, services, cleantech and life sciences.
The fund is the third competitive call under the Seed and Venture Capital Scheme (2013-18), a €175m initiative that marks a key action under the government’s Action Plan for Jobs Programme. To date, the scheme has allocated €131m in funding.
Julie Sinnamon, chief executive of Enterprise Ireland, said: “At Enterprise Ireland, we acknowledge the importance of a supportive investor landscape to create and scale businesses across a range of sectors.
“This landscape has been building through our Seed and Venture Capital Schemes over the last 20 years.
“To date, private sector sources have raised over three and half times the funding already secured through Enterprise Ireland under the current Seed & Venture Capital Scheme (2013-18) and this will ensure a healthy supply of investment capital for high potential startup companies.
“These businesses will contribute significantly to the Irish economy through the creation of high value, sustainable jobs and global export growth.”