Enterprise Ireland launches funding supports for young start-ups
Enterprise Ireland has launched a new stream of funding in the form of convertible loan notes (CLN), intended to convert into equity on a future priced round at a 20% discount.
In addition to the investment, successful applicants will be supported by an Enterprise Ireland development advisor in their sector and can avail of a range of start-up supports including mentoring, access to Enterprise Ireland Market Research Centre, market insights, access to business networks and wider ecosystem offerings to support development of their start up business.
Applications received will be reviewed and assessed by considering the objective of the offer, required criteria, the stage of development of the start-up and assessment of the potential of the business.
Enterprise Ireland CEO Leo Clacy said: “Securing private sector investment for very early-stage companies has always been challenging and Enterprise Ireland plays a critical role in bridging this gap when cash is required for activities including product development, recruitment into the team and developing channels to market.
“In designing the new Pre-Seed Start Fund we have listened carefully to the start-up community and the wider start-up ecosystem about the needs of new businesses, resulting in a new, enhanced offer for early-stage entrepreneurs. The new Pre-Seed Start Fund, in conjunction with the Enterprise Ireland broader range of services for start-ups, responds to current market needs and provides entrepreneurs with an attractive financial offering to help accelerate their start-up business plans.”