Funding opportunity
The Irish government has launched the €26 million Bank of Ireland Seed and Early Stage Equity Fund to invest in start-up and early stage companies, in the technology, including green technology, food and financial services sectors, and to supporting patented and patent pending projects within Irish universities. The fund will be managed on behalf of Bank of Ireland and the other partners by Kernel Capital.
This is the eighth new fund supported by the Irish government through Enterprise Ireland’s Seed and Venture Capital Programme 2007-2012. The Bank of Ireland is putting in €17 million, Enterprise Ireland €8 million, and the University of Limerick Foundation €1 million.
Making the announcement the Tánaiste and Minister for Enterprise, Trade and Employment, Mary Coughlan, said, “I am delighted to announce the launch of this new fund by Bank of Ireland as part of the Government’s bank recapitalisation initiative, marking a significant increase in the supply of seed capital available for new Irish businesses and campus spin-out companies.”
“This fund underpins Enterprise Ireland’s strategy to stimulate entrepreneurship and increase the flow of new high potential start-ups which are the life blood of a thriving indigenous business sector. Funding is critical, and Enterprise Ireland is working closely with the banks, the venture capital sector and the European Investment Bank to secure finance for Irish businesses.”
Richie Boucher, Group Chief Executive, Bank of Ireland said, “In the current economic climate, supporting new high potential start-ups, university spin-outs and more developed companies is central to Ireland’s economic recovery and growth.”
The fund will make investments in the range of €100,000 and €500,000.
Niall Olden, Managing Partner Kernel Capital said, “The significance of this Fund is that it addresses a gap in the market for investments of €500,000 and below.”
For more information, and details of how to apply, go to: http://www.kernelcapital.ie/investment/seedfund.html
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