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NDRC helped create 432 jobs by 2013

Thursday, July 17 10:51:40

The NDRC, the early stage investor in innovation, today said that last year saw the number of jobs it helped create rise to a total of 432 with investments up 150pc to E40m.

Launching the company's Annual Report for 2013-2014, Minister for Communications, Energy and Natural Resources, Alex White, welcomed that companies in NDRC's portfolio had created 311 full-time jobs and 121 part-time jobs in Ireland's digital economy by the end of last year.

Three weeks ago, it was announced that NDRC is ranked in the top 2.5pc of university business incubators worldwide in the most comprehensive global study of its kind, the Global Benchmark Report 2014 by the UBI Index.

This was the highest placement for an Irish incubator and is now highlighted again by NDRC's results for the year which show that follow-on investment in NDRC firms more than doubled to E40 million and the market capital of these firms stands at E120 million.

Key NDRC investment programmes include NDRC LaunchPad (Ireland's top Technology Accelerator as ranked by Kauffman Fellows) and NDRC VentureLab (Europe's first venture accelerator dedicated to science commercialisation).

NDRC also embarked on a number of new activities as a result of entering into strategic partnerships with Enterprise Ireland and with industry leaders like Accenture, AIB, Bank of Ireland, EY, Microsoft Ventures, Mediolanum International Funds & State Street. These partnerships have led to the introduction of NDRC FinTech which was an initiative to support very early stage enterprises in financial technologies as well as Female Founders, a part-time initiative for female entrepreneurs. GamePad ran as a dedicated accelerator for the gaming sector and NDRC has partnered with Microsoft Ventures as their sole partner in Ireland and one of only 26 worldwide.

NDRC portfolio ventures that made significant progress in 2013 / 2014 include NVMdurance, a company which makes flash memory last 10 times longer, Bizimply, a platform that supports the supply chain management of food service businesses and PharmaPod, a company providing medication-related incident management software for pharmacists. Established companies in NDRC's portfolio continue to grow and scale with Soundwave awarded EY Entrepreneur of the Year in the Emerging Category and closing an investment round of E700K, FieldAware closing an investment round of E12 million, SilverCloud Health announcing several key international partnerships and Logentries receiving E10 million in investment.

"Our vision is to become an international leader in early stage investment and technology based innovation. As the results of 2013-2014 show, we have gone a long way to achieving this," said NDRC CEO Ben Hurley.

"NDRC has achieved a huge amount in our short history and by analysing the key performance indicators of job creation, market capital and follow-on investment, it is clear that the organisation is continuing to help develop Ireland's technology base. Year-on-year commercial investment in NDRC-back ventures more than doubled to E40 million last year and, importantly, this is set to increase to E60 million by the end of 2014. The market capital of ventures in the NDRC portfolio similarly experienced massive growth, trebling in just one year to E120 million."