Early-stage entrepreneurs and start-up teams are being encouraged to apply for the Enterprise Ireland Pre-Seed Start Fund which supports the early needs of new start-up companies.
The fund offers investments of €50,000 or €100,000 with the latter provided in two equal tranches of €50,000.
The Convertible Loan Note (CLN) is intended to convert into equity on a future priced round at a 20% discount.
In addition to the investment, successful applicants will receive the support of an Enterprise Ireland Development Adviser who will help provide access to various start-up supports such as mentoring and market research services. The fund is open to start-ups in all sectors, with a focus on manufacturing, lifesciences, food and renewables sectors.
Enterprise Ireland launched the fund to provide entrepreneurs and start-ups with early-stage funding to test the market for their products and services and progress their business plans for the global marketplace.
The fund is designed to enable those companies to progress key technical and commercial milestones required to attract future seed funding within six to 18 months.
'Attractive Financial Offering'
"The Pre-Seed Start Fund, in conjunction with Enterprise Ireland’s broader range of services for start-ups, responds to current market needs and provides entrepreneurs with an attractive financial offering to help accelerate their start-up business plans," said Anna-Marie Turley, Department Manager, Entrepreneurship and HPSU Operations, Enterprise Ireland.
"The finance provided can then be ring fenced for critical requirements including product development, recruitment and developing channels to market.”