€60m Govt Investment Will Create High-Tech Jobs Of the Future

The Minister for Jobs, Enterprise and Innovation, Richard Bruton T.D. who is in Silicon Valley on a trade and investment mission, has issued a global call to top venture capitalists to signal their interest in establishing a presence in Ireland.

As part of the announcement, the Government through Enterprise Ireland will invest a total of more than €60million in venture capital funds which establish a presence in Ireland.

The announcement of a second call from Innovation Fund Ireland represents the delivery of a major Q1 commitment in Action Plan for Jobs 2012.

The Programme for Government commits to establishing a dynamic venture capital industry in Ireland, in order to ensure that high-tech early-stage companies based here can have access to capital, as well as mentoring and support, from top tier venture capitalists – often successful high-tech entrepreneurs themselves.

To date under Innovation Fund Ireland the National Pensions Reserve Fund (NPRF) has made investments in Polaris Ventures, DFJ and DFJ Esprit. Minister Bruton also announced yesterday (Thursday) a joint investment by Enterprise Ireland and the NPRF in Sofinnova Ventures, one of the premier US healthcare venture capital funds, as part of the Innovation Fund Ireland first call previously announced by Enterprise Ireland. These investments will help ensure that Irish-based high-tech companies in key sectors can have access to venture capital funds.

It is expected that similar investments will follow and Minister Bruton will be promoting this initiative as part of his visit to the western USA.

Enterprise Ireland and the National Pensions Reserve Fund (NPRF) manage Innovation Fund Ireland and under the call announced today investors have until June 14 to signal their interest in establishing a presence in Ireland.

(CD)