Dáil Éireann Debate, Tuesday - 10 November 2020
164. Deputy Matt Shanahan asked the Tánaiste and Minister for Enterprise, Trade and Employment the way in which he plans to increase investment and private risk capital access for domestic enterprise; and if he will make a statement on the matter. [34668/20]
View answerThe Government has a long-term involvement in the Seed and Venture Market in Ireland, bringing investment to Irish businesses and helping them start and scale. Enterprise Ireland (EI) is the agency tasked with delivering the State’s Seed and Venture investments, which involves public funding being matched with private investment. These investments involve funding at different stages, from early stage through to growth capital. For those Irish businesses seeking investment on a larger scale (€10 million plus), the Ireland Strategic Investment Fund (ISIF), which is controlled by the National Treasury Management Agency, provides investment options.
Since 1994, EI has invested in four Seed & Venture Capital Schemes to ensure that there is an available and effective overall funding ecosystem and to address market failures in this area. EI has made commitments to venture funds of €513m under the four Schemes. In 2018, my predecessor, Heather Humphreys TD, announced a new Seed & Venture Capital Scheme with a further allocation of €175m to be committed over the lifetime of the Seed & Venture Capital Scheme (2019-24). A further €10 million was announced in the July Stimulus.
In Budget 2020, the Government announced an initial €30 million in funding, through ISIF, to develop an early stage seed and growth capital investment scheme, targeted at domestic, high innovation enterprises.
My Department is working with the Department of Finance, representatives from EI, ISIF, the European Investment Bank and the European Investment Fund to develop a proposal to leverage further European capital and establish an equity fund using this €30 million.
I want to assure the Deputy that I and my Department are continuing to examine any potential avenues to make funding available to Irish firms seeking investment.
