Ireland AgTech Fund opens for business
6 September 2017 | 0
A €20 million Ireland AgTech Fund (IAF) has been officially launched.
A partnership between the Ireland Strategic Investment Fund and California-based agtech venture pioneer Finistere Ventures the IAF will invest in start-up and early stage agtech companies that can generate significant economic impact in the Irish Agriculture and Food sectors.
Finistere’s Kieran Furlong, Ireland AgTech Fund partner, said: “We want Ireland to be the agtech Island – a hub for European agtech. All the ingredients are here – a longstanding, export-oriented agrifood industry; world-leading research at Irish universities and institutions such as Teagasc; and, of course, the thriving IT, biopharma and medtech sectors. AgTech is essentially the combination of all of these, so we see great potential for start-ups here.”
Cathal Fitzgerald, the Ireland Strategic Investment Fund’s head of food & agricultural investments, said: “We view agriculture and food technology as a significant a high-potential growth area for the Irish economy and have sought out a best-in-class agtech fund.
“Finistere has a global reputation in what is still a very specialised area of venture investing and its decision to locate its first EU office in Dublin is a significant vote of confidence in Ireland’s agrifood credentials.
“The IAF has strong potential to deliver a commercial return on our investment, stimulate the growth of the Irish agtech sector at large, and support the commercialisation of the state’s significant investment in this sector.”
Finistere also announced plans to open its first European office in Dublin to accelerate its investment and market penetration in Ireland and in the EU.
In addition to the IAF investment, the Ireland Strategic Investment Fund is investing an additional €20 million in Finistere’s global agtech fund.