Venture fund investment in Ireland reaches IR£29m

Mary Harney, Tánaiste and Minister for Enterprise Trade and Employment, has welcomed confirmation that the venture capital market continued to show strong growth in 2000.

Ensuring critical support for the development and expansion of Irish business, the Minister confirmed that investment had risen to IR£28.8 million in 2000 compared to IR£20.6 million the previous year.

The Tánaiste was commenting on the publication of the Enterprise Ireland 2000 Annual Report of their Seed and Venture Capital Programme. The EU Seed and Venture Capital Measure was set up with the objective of establishing Venture Capital Funds to provide early stage, small and medium-sized growth oriented enterprise in Ireland with equity capital.

Commenting on the report, the Tánaiste said: "The support of a positive venture capital market is vital to the development of business. It is equally important that the private sector should become the lead players in providing such important funding at those critical points in the development of success driven businesses.

“I am pleased the latest figures underline the considerable progress made in the past 12 months in this regard. All the money provided under the Seed and Venture Capital Measure was committed to investment at the end of 2000. It is significant that to date the Funds have returned £24.5 million and that Enterprise Ireland has redistributed its portion for further investment in venture capital.” (MB)