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:–
• Lifesciences;
• Healthcare & Pharma;
• Fintech;
• Technology & Digitalisation;
• Food & Agri-Tech;
• Sustainability & Climate Change; and
• Women-Led Enterprises.
“This is about backing Irish entrepreneurs and their ideas at an early stage, giving them a much-needed boost from the beginning.” SAID Mr Varadkar while launching the plan.
“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.” he added.
A first call for proposals under the programme will launch later this week on the European Investment Fund website.
The fund programme will be led by Enterprise Ireland, with the European Investment Fund acting as fund manager and will be structured as a fund of funds.