Minister for Enterprise, Trade and Innovation, Batt O’Keeffe TD, today launched a new €17 million fund for innovative new firms to create high quality jobs.
The Bank of Ireland start-up and emerging sectors equity fund will help entrepreneurs to turn ideas into new products and services for export markets.
The fund will be managed by Delta Partners on behalf of Bank of Ireland and Enterprise Ireland.
This is the second fund launched by Bank of Ireland and Enterprise Ireland for start-up and early-stage growth firms and it is the 10th new fund supported by the Government through Enterprise Ireland’s Seed and Venture Capital Programme 2007-2012.
The fund will target investments between €100,000 and €500,000.
Minister O’Keeffe said the new fund would support early-stage entrepreneurs in driving export-led growth in the domestic economy and creating new high-quality jobs. “Our banks have a key role to play in economic recovery and initiatives such as this one will allow innovative firms to leverage new capital in scaling their businesses and creating jobs at home.
“To create a thriving high-value indigenous enterprise sector, we must broaden the funding base to turn good ideas into sustainable jobs.”
The move follows Taoiseach Brian Cowen’s of a €500 million innovaiton fund for enterprise development and job creation aimed at drawing top venture capitalists to Ireland.
Director of Bank of Ireland Business Banking, Mark Cunningham, added: “In the current economic climate, supporting high-potential start-ups is critical to Ireland’s economic recovery and growth and the objective of this fund is to help stimulate economic activity.”
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