Silicon Valley Bank announced a new deal with Ireland Strategic Investment Fund to support the technology economy in Ireland.
The business bank expects to deploy a $100m of new lending commitments to fast-growing Irish technology and life science businesses over the next five years, from its operations in the US and UK, subject to its standard lending criteria. As part of the collaboration, Silicon Valley Bank lends to Irish technology companies as the Ireland Strategic Investment Fund helps it to identify potential lending clients in these niche sectors and also invests in funds managed by SVB Capital.
Silicon Valley Bank’s parent company, SVB Financial Group, has established a presence in Ireland with the appointment of Clive Lennox, who has moved from London to Dublin as Director of Irish Business Development.
In June 2012, the bank had committed $100m over five years to support Ireland’s innovation sector in collaboration with the Ireland Strategic Investment Fund’s predecessor, the National Pensions Reserve Fund, which backed 15 Irish companies including Accuris, Boxever, Clavis, and Profitero.
FinSMEs
15/05/2016