VC Firms Invested €42 million in Enterprise Ireland Supported Companies in 2010
Despite the challenges of the recession for businesses, Irish venture capital firms supported by Enterprise Ireland made 105 investments in 74 companies with a value of €42 million in 2010.
This represents a significant result, mirroring the strong performance by Irish exporters in 2010 and the increase in the number of innovative start up enterprises supported by Enterprise Ireland during the year said Feargal Ó Móráin, director of Corporate at Enterprise Ireland said at Monday’s launch of the Seed & Venture Capital Programme 2010 Report.
During the year, there was an increase of €18 million in seed capital funding available to Irish companies with the launch of the new €17 million Bank of Ireland Start-up and Emerging Sectors Equity Fund 2010 and a €1 million investment by Galway University Foundation in the original Bank of Ireland Seed & Early Stage Equity.
A further welcome boost to the venture capital sector was the launch of the new €75 million Atlantic Bridge II Limited Partnership Fund, which will build upon the strong performance of the previous Atlantic Bridge Fund.
“This is all about creating the right environment where entrepreneurs are encouraged and supported to set up new businesses, and ambitious established companies can confidently invest in new opportunities to grow their operations, win new export business and create jobs”, Mr Ó Móráin said.
“To get out of this crisis, we have to vigorously promote indigenous innovation. One crucial part of my plan is promoting the development of a thriving venture capital industry here. We have seen in other countries the enormous benefits of venture capital – for example Israel, which now has one of the highest numbers of start-up companies per capita in the world – and we must ensure that we take on the lessons of success stories like this” said Richard Bruton TD, Minister for Jobs, Enterprise and Innovation.
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