Enterprise Ireland announces new investment
The development of Irish companies has been boosted by a €67m investment package, it emerged today.
In its Seed and Venture Capital report 2006, Enterprise Ireland revealed its investments increased by €17m on the previous year.
It said €32m was injected in to first time investments, with €35m ploughed in companies that had already received funding.
The figure brings total investment over the last five years to €250m, with more than 37% of that paid to companies outside Dublin.
Venture Capital is capital provided by full-time, professional firms (venture capitalists) or private persons who invest with management in ambitious, fast-growing companies who have the potential to develop into significant businesses
Feargal O'Morain, of Enterprise Ireland, said 2006 represented a strong year for the Venture Capital sector in the state.
"A dynamic and healthy venture capital market is a prerequisite for the growth and development of high potential start-up companies in Ireland," he said.
"Enterprise Ireland will continue to support SMEs (small and medium enterprises) through investment in seed and venture capital funds and also through Enterprise Ireland's broad range of business development and financial supports."
Since 1994, Enterprise Ireland has been involved in three Seed and Venture Capital Programmes. Under the current programme, €175m is being invested in a new round of Venture Capital funding for start-up, early stage and development stage businesses.
"The Venture Capital Sector has made a significant contribution to the success of many SMEs and the continuing increase in venture capital activity in Ireland is to be welcomed," added Minister for Enterprise, Trade and Employment Micheal Martin.
"The sector provides a vital source of funding for early stage and growing Irish companies.
"Over the coming months we can look forward to the establishment of several new Funds."
