EIRE’s Government expanded the AIB Seed Fund, the vehicle dedicated to investing in start ups with a particular focus on technology, financial services, clean, green and medical devices sectors.
AIB and Enterprise Ireland are partnering to invest €23m, contributing €15m and €8m respectively, and bringing the total fund size to €53m.
The fund is managed by Dublin Business Innovation Centre (DBIC) and Enterprise Equity and administered from NovaUCD located on campus within University College Dublin.
This new fund expansion marks a second collaboration between AIB and Enterprise Ireland under the Venture Capital Programme 2007-2012 in making seed capital funding available to Irish entrepreneurs and businesses.
The original €30m AIB Seed Capital Fund was launched in mid 2007 and to date has made 24 investments of over €7m in 20 new early stage Irish companies.