The Minister for Agriculture, Food and the Marine, Michael Creed TD, has today announced the launch of the €20 million Ireland AgTech Fund (IAF).
The fund was launched as part of a partnership between the Ireland Strategic Investment Fund and California-based Finistere Ventures, a global AgTech venture pioneer. The IAF will invest in start-up and early stage AgTech companies that can generate significant economic impact in the Irish Agriculture and Food sectors.
As part of its commitment to fostering an AgTech hub in Ireland, Finistere is also announcing plans to open its first European office in Dublin to accelerate its investment and market penetration in Ireland and in the EU.
In addition to the IAF investment, the Ireland Strategic Investment Fund is investing an additional €20 million in Finistere’s global AgTech fund. This gives Ireland exposure to the fastest growing and highest potential AgTech start-ups around the world as well as Finistere’s extensive network of co-investors and agri-food industry partners.
Commenting on the initiative, the Ireland Strategic Investment Fund’s Head of Food & Agricultural Investments, Cathal Fitzgerald said, "We view agriculture and food technology as a significant a high-potential growth area for the Irish economy and have sought out a best-in-class AgTech fund. Finistere has a global reputation in what is still a very specialised area of venture investing and its decision to locate its first EU office in Dublin is a significant vote of confidence in Ireland’s Agri-food credentials."
He added, "The IAF has strong potential to deliver a commercial return on our investment, stimulate the growth of the Irish AgTech sector at large, and support the commercialization of the state’s significant investment in this sector."