€50m invested in 98 start-up firms last year

Enterprise Ireland invested more than €50 million in 98 new and developing companies last year, bringing the overall level of…

Enterprise Ireland invested more than €50 million in 98 new and developing companies last year, bringing the overall level of investment in such firms to €183 million in the last five years.

In a report launched by Feargal Ó Móráin, executive director, Enterprise Ireland and chairman of the Enterprise Ireland seed and venture capital committee, said: "Enterprise Ireland saw a further increase on the number of investments by venture capitalists compared with the previous year. This brings to €50 million the total sum invested by the Enterprise Ireland Partnership Funds in 2005."

He said since the establishment of this Scheme, 83 per cent of total capital invested was directed at start-up companies.

Minister for Enterprise, Trade and Employment, Micheál Martin said the investments were developing a vibrant and competitive venture capital sector.

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"The achievement to date provides the foundations for the successful role out of the Seed and Venture Capital Scheme (2007-2012).

"Enterprise Ireland will invest €175m and together with private sector investments this will generate total funding of €1 billion in start-up, early stage and development stage businesses going forward", he said.