Expressions of interest sought from global venture capitalists as part of Innovation Fund Ireland

The Minister for Enterprise, Trade and Innovation, Batt O’Keeffe TD, today [Thursday] launched a bid to draw top investors to Ireland under a €500 million fund to support enterprise and create jobs.

The first call for expressions of interest in Innovation Fund Ireland is the latest step in the Government’s plan to generate high-quality jobs in the ‘smart’ economy.

Innovation Fund Ireland aims to attract global venture capital firms and experienced investment managers to Ireland to invest in innovative small and medium-sized firms and open doors to powerful networks of contacts.

Top global players such as Google and Facebook initially relied on venture financing to scale and become multinational firms.

The Government’s indigenous job creation agency, Enterprise Ireland, and the National Pensions Reserve Fund (NPRF) manage Innovation Fund Ireland and investors have until November 26 to signal their interest in establishing a presence here.

Minister O’Keeffe said he expected a strong response from the international investor community.

‘Innovation Fund Ireland will help to transform our investor environment by establishing top-tier international venture capital funds and networks.

‘Investors will partner with the Government in backing high-potential firms with collateral to help them grow into major employers,’ said Minister O’Keeffe.

The Government is driving the creation of new sustainable jobs as Ireland’s economy recovers.

To do that, we need an indigenous sector supported by innovative and ambitious global venture capitalists who can help to provide collateral to scalable firms that might otherwise not get off the ground.

‘Innovation Fund Ireland brings a new dimension to our existing venture capital sector which has already contributed significantly to start-up and expanding firms.

‘It builds on the Government’s investment so far in Irish venture capital funds and Enterprise Ireland’s direct investments in high-potential start-up and scaling firms,’ said Minister O’Keeffe.