175 million euro Seed and Venture Capital Scheme announcedPosted May 31st, 2013
The Government has launched a new €175million Seed and Venture Capital Scheme 2013-2018 aimed at providing additional funding for high-growth Irish companies with the potential to generate large amounts of additional export sales and create new jobs.
Today the Minister for Jobs, Enterprise and Innovation, Richard Bruton TD issued the first call for Expressions of Interest from venture capital funds seeking investment, and advertisements will appear in newspapers from this weekend. Minister Bruton is targeting an additional €525million in funding from the private sector, which will mean a total of €700million available for investment over the lifetime of the Scheme. It is expected that the average initial venture investment in a company made by the funds targeted under this call could be of the order of €2million.
This first call for expressions of interest will see Enterprise Ireland committing up to €100m to venture capital funds targeting investment in the wider ICT and life sciences sectors. It is expected that over the lifetime of the scheme it will benefit hundreds of Irish companies, generate tens of millions of euros in additional export sales and create thousands of jobs. Further expressions of interest will be issued over the next two years.
The Scheme is part of a series of new funding mechanisms put in place by this Government, which will make available a total of more than €2billion in additional non-bank lending for Irish businesses:
· €850million through three SME funds from the NPRF
· €450million credit guarantee scheme
· €90million micro-finance scheme
· €225million development capital scheme
· €10million international start-up fund
· €120million second call under Innovation Fund Ireland
Today’s announcement marks the delivery of a key commitment under Action Plan for Jobs 2013.
Further details on the Seed and Venture Capital Scheme click here.
For more information on the Governments Action Plan for Jobs click here.