Government Back Early-Stage Irish Companies
The Tánaiste and Minister for Enterprise, Trade and Employment, Leo Varadkar TD and the Minister for Finance, Paschal Donohoe TD today launched a new €90m fund for Irish start-ups at Trinity College Dublin’s Tangent Ideas Workspace for student entrepreneurs.
By investing in several underlying venture funds, the Irish Innovation Seed Fund Programme will provide vital capital to innovative Irish companies at the crucial seed stage and will be an important step in developing and growing the Irish equity ecosystem.
Investment will be targeted and prioritised in areas such as regional development, climate change and female entrepreneurship. It will focus on sectors that have experienced difficulty in attracting early stage investment including:–
- Healthcare & Pharma;
- Technology & Digitalisation;
- Food & Agri-Tech;
- Sustainability & Climate Change; and
- Women-Led Enterprises.
Launching the Programme, An Tánaiste said:
“This is about backing Irish entrepreneurs and their ideas at an early stage, giving them a much-needed boost from the beginning. We’re looking for companies working in a number of areas we’ve identified as strategic opportunities for Ireland but have traditionally struggled in attracting early-stage investment, including Lifesciences, Healthcare and Pharma and those working to reduce our reliance on fossil fuels.
“One of my three priorities as Minister for Enterprise, Trade and Employment is to get to the point where we’ve 2.5 million people at work in Ireland by 2024, which would be the highest level of employment we’ve ever had in the country. This Fund is an important part of that, we have to reward those creating the jobs of the future and help them reach the next stage of development.
“I’m particularly pleased to see that there will be a focus on women led enterprises. We’ve traditionally seen a deficit in funding go to start-ups with female leadership teams and I think we need to correct that imbalance.”