Dáil Éireann Debate, Thursday - 7 April 2022
23. Deputy Alan Farrell asked the Tánaiste and Minister for Enterprise, Trade and Employment if an update will be provided on the Irish Innovation Seed Fund Programme which aims to support start-ups in Ireland; and if he will make a statement on the matter. [18814/22]
Amharc ar fhreagraOn February 9th, Minister Paschal Donohoe and I attended the launch of the Irish Innovation Seed Fund Programme in Tangent on the TCD campus.
The programme will provide vital venture capital to innovative Irish companies at seed stage and is an important step in developing and growing the Irish equity ecosystem.
Totalling €90 million, the programme is made up of a €30 million contribution from the Department of Enterprise, Trade & Employment, whilst the European Investment Fund will match this investment by providing a further €30 million. The Irish Strategic Investment Fund will co-invest a further €30 million.
The programme is targeted at the early stages of external funding for innovative, high growth, scalable sectors including:–
- Lifesciences;
- Healthcare & Pharma;
- Food and Agritech;
- Technology & Digitalisation; and
- Climate and Sustainability.
The programme is a fund of funds, which is a pool of funding from multiple investors that creates capital for specialist fund managers, who will in turn then seek to invest in SMEs with strong potential for a commercial return on investment.
It is envisaged that the programme will focus on supporting key priorities such as female entrepreneurship, regional development, and sustainability.
The first call for expressions of interest from experienced fund managers was issued in February and will remain open until the end of April.
