Up to €44 million in funding is to be made available for start-up and early-stage companies. The investment is to leverage private sector funding to create a pool of capital to support the growth ambitions of high-potential companies.

Enterprise Ireland is inviting expressions of interest from funds to meet the venture capital demand from start-ups.

It said it was interested in funds that would invest in areas that reflect its key strategic growth sectors such as food, software, fintech, general ICT, services, cleantech and life sciences.

Last year, Enterprise Ireland client companies created 19,244 new jobs in the Republic. “Continued support for these enterprises will underpin increased job creation in the future,” it said.

To date, €131 million of the total €175 million committed under the Seed and Venture Capital Scheme (2013-18) has been secured with several funds having already successfully reached their funding targets.

Next generation

Minister for Jobs Mary Mitchell-O’Connor said the funding would “assist with the development of the next generation of high-potential companies” emerging from the Republic.

“It is well recognised that early-stage, growth-oriented companies create a significant proportion of the new jobs in the Irish economy, and that supporting this emerging cohort of companies requires a broad range of innovative initiatives,” she added.

Enterprise Ireland chief executive Julie Sinnamon said the funding would secure a “healthy supply of investment capital” for companies.

“At Enterprise Ireland, we acknowledge the importance of a supportive investor landscape to create and scale businesses across a range of sectors,” she said. “This landscape has been building through our Seed and Venture Capital Schemes over the last 20 years.

“To date, private sector sources have raised over three and half times the funding already secured through Enterprise Ireland under the current Seed & Venture Capital Scheme (2013-18) and this will ensure a healthy supply of investment capital for high potential start-up companies.

“These businesses will contribute significantly to the Irish economy through the creation of high value, sustainable jobs and global export growth.”