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Ent Ire-backed startup invest at E59m

Friday, July 18 10:38:03

Enterprise Ireland this morning said there was a 9pc increase in value of investment in Irish companies in 2013 under its Seed and Venture Capital Scheme to E59m.

The number of Irish companies that benefited was up by 12pc to 94 firms, it added.

In 2013 these Funds made 153 investments with an investment value in 94 Irish-based companies, representing an increase on the E54 million invested in 84 Irish companies in 2012 under the schemes.

The capital under management through Enterprise Ireland's Seed and Venture Capital Programme 2007-2012 has now reached close to E700 million.

Cumulatively over the lifetime of this scheme 50pc has been invested in the software sector and 35pc in the life sciences sector.

A separate analysis shows that Irish companies in receipt of investment under this Programme are employing over 2100 people in Ireland. A number of the Funds under the scheme are still investing in start-up and scaling companies.

Minister for Jobs, Enterprise and Innovation Richard Bruton TD said venture capital funds provide critical funding, mentoring and access to networks to fast-growing companies and expanding established businesses.

"For these reasons, we established as part of the Action Plan for Jobs the new E700million Seed and Venture Capital Scheme 2013-2018, a significant achievement at a time of constrained budgets. This will help support the next generation of Irish-based seed and venture funds and increase the availability of funds over the coming years to the fast-growing businesses that will create the jobs we need," he said.