Enterprise Ireland has launched a new stream of funding to support the specific early-stage funding needs of new start-up companies.
The focus of this new funding support is designed specifically with high-growth early stage start-up companies and entrepreneurs in the manufacturing and internationally traded services sectors in mind. Up to €100,000 per business is available under new ‘Pre-Seed Start Fund.’
It follows on from consultation with entrepreneurs and stakeholders in Ireland's start up ecosystem which guided Enterprise Ireland on how to enhance its offer to early-stage entrepreneurs.
Enterprise Ireland standard investment will be in the form of a Convertible Loan Note (CLN), and is intended to convert into equity on a future priced round at a 20% discount. In addition to the investment, successful applicants will be supported by an Enterprise Ireland Development Advisor in their sector and can avail of a range of Start–up supports, including mentoring, access to Enterprise Ireland Market Research Centre, market insights, access to business networks and wider ecosystem offerings to support development of their start up business.
Applications received will be reviewed and assessed by considering the objective of the offer, required criteria, the stage of development of the start-up and assessment of the potential of the business.
Launching the new fund, Enterprise Ireland’s CEO, Leo Clacy said, "In designing the new Pre-Seed Start Fund we have listened carefully to the start-up community and the wider start-up ecosystem about the needs of new businesses, resulting in a new, enhanced offer for early-stage entrepreneurs. The new Pre-Seed Start Fund, in conjunction with the Enterprise Ireland 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."
Source: www.businessworld.ie