€72 million invested in 87 companies by Irish venture capital firms supported by Enterprise Ireland in 2017
Enterprise Ireland today launches its 2017 Seed and Venture Capital Report which details the four venture capital initiatives undertaken by Enterprise Ireland in partnership with the private sector. In 2017, the Enterprise Ireland Seed and Venture Capital Scheme supported 87 Irish based companies, with a total investment of €72 million.
Under the Seed and Venture Capital Scheme (2013 – 2018), the Government has approved €175 million for investment to support the development of high-growth Irish companies with the potential to grow jobs and generate significant additional exports. Nine new funds have successfully launched under the current scheme, which brings the total available funds to €700 million available in the market under Enterprise Ireland’s Seed and Venture Capital programmes in 2017.
Since 1994, €1.19 billion has been invested in 605 companies under the four Enterprise Ireland Seed and Venture Capital Schemes. Over 60 funds have been supported by Enterprise Ireland by the end of 2017, with the average size of the funds established growing from €10 million in 1994 to €78 million in 2017.
Launching the report, Kevin Sherry, Executive Director, Global Business Director, Enterprise Ireland said: “One of the key pillars for Irish companies to achieve global ambition is our Seed and Venture Capital Scheme. Each year we see the impact of the initiative, not just in terms of funding, but also through access to overseas markets, focus on competitiveness and commercial sustainability. The Seed and Venture Capital sector is key to ensuring Irish enterprise continues as a powerhouse of economic growth and prosperity across Ireland, and internationally. Working with Venture Fund Managers has enabled Irish companies to step forward and build businesses that are globally orientated and at the cutting edge of technology and innovation.
“In addition to Seed and Venture Capital Schemes, Enterprise Ireland’s €75 million commitment to the Development Capital Scheme has resulted in the creation of three funds which have with a combined total fund size of €491 million. In 2017 these funds invested a total of €70 million into companies in the food, healthcare and communications sectors in Ireland.”
In partnership with InterTradeIreland, Enterprise Ireland continued to support the Halo Business Angel Network, which resulted in over €12.8 million of business angel investment in 45 companies in 2017. In addition, the Enterprise Ireland-supported European Angel Fund has increased the availability of capital for early-stage Irish companies and leverages the expertise of some of Ireland’s most successful investors.
As part of its Seed and Venture Capital Schemes, Enterprise Ireland and the Irish Venture Capital Association today announced that they are co-sponsoring a new programme to promote diversity and inclusion amongst the Venture Capital community in Ireland. The programme is designed to challenge the unconscious bias that can exist in industries and sectors.
Enterprise Ireland’s Seed and Venture Capital Report 2017 can be viewed here: www.enterprise-ireland.com/svc2017