The Bank of Ireland launched a €26m Seed and Early Stage Equity Fund that will invest in start-up and early stage companies.
The new Fund will focus on export orientated high potential start-up companies that operate in the technology (including green technology), food and financial services sectors, in addition to supporting patent and patent pending projects within Irish universities investing between €100,000 and €500,000.
Kernel Capital will manage the vehicle on behalf of Bank of Ireland (that committed €17m), Enterprise Ireland (€8m) and University of Limerick Foundation (€1m).
Commenting on the launch of the new fund, Richie Boucher, Group Chief Executive of 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. This Fund demonstrates our commitment and support to early stage companies with significant growth prospects.
“Equity finance is a key source of funding for companies at early and growth stages. This new fund will further strengthen our commitment to supporting indigenous Irish companies and adds to our extensive support of SMEs. The Fund will target investments in the range of €100,000 and €500,000.
“This investment reinforces the Bank’s position as one of Ireland’s leading providers of venture capital finance. Since 2000 Bank of Ireland has committed over €101m in venture capital to developing Irish companies”.