State to invest €20m in growth-phase tech firms
The Government is to invest €20 million in a new fund focused on growth-phase technology companies through Enterprise Ireland and the National Pensions Reserve Fund (NPRF).
The agencies have each committed €10 million to the fund managed by venture capital firm Highland Capital. It is the NPRF’s fifth round of investment in innovation and development.
The €20 million investment has been committed in support of the Innovation Fund Ireland programme, a Government initiative led by Enterprise Ireland and the NPRF to attract international venture capital fund managers to Ireland, and to increase the availability of capital to Irish early-stage and high-growth companies.
The NPRF has so far committed €125 million to the Innovation Fund Ireland initiative.
The Highland Europe technology growth fund will focus on existing technology companies at an expansion stage of development. The fund plans to establish an office in Dublin in April, which will be led by Highland partner Tony Zappalà, who recently joined the firm from Index Ventures.