Bank of Ireland has today welcomed BriteBiz, Glofox, LogoGrab and KONG Digital to the Bank’s startlab NYC programme which will see them gain access to free incubation space in New York City.
The incubation space supports Bank of Ireland startup customers as they seek to grow their business and enter the US market and is the first offering of its kind from an Irish bank outside of Ireland.
In addition to working and meeting space in this central New York location, the teams will receive expert mentoring from Bank of Ireland’s dedicated innovation and corporate banking teams in both Ireland and the US to help them develop, grow and scale their business.
Furthermore, Bank of Ireland will work closely with the selected teams to help them get on their feet when they arrive, facilitating introductions to venture capitalists, state agencies and relevant intermediaries based in the city.
The decision to open startlab NYC was taken in response to demand from Bank of Ireland business customers and represents the next step in the bank’s aim to foster entrepreneurship. The incubator, specifically for scaling startups, is an extension of existing successful Bank of Ireland facilities already available in several locations in Dublin, Cork, Limerick and Galway, such as Workbench and startlab.
Commenting on the initiative, CEO of Corporate Banking at Bank of Ireland, Tom Hayes said, "Today’s announcement further strengthens the Bank’s offering to the Irish technology sector. We are approving credit for technology sector companies on a daily basis."
He added, "In January 2017 alone our approvals ranged from €300k for a healthcare software company to €3.1 million for an enterprise software company. On the equity side, Bank of Ireland has committed over €150m of own capital to venture capital funds such as Kernel Capital and Delta Partners. These funds have helped companies to scale their businesses."