AIB has confirmed the establishment of the new €22 million AIB Start-Up Accelerator Fund, which will be managed by ACT Venture Capital.
The fund, set up as part of the bank recapitalisation process, has already invested €2 million in four companies: Storyful.com, Swerve, Barracude FX and Biosensia.
AIB has contributed €20 million to the fund with Enterprise Ireland contributing the €2 million balance.
It is expected 92 jobs will be created over the next five years by the first five companies that the AIB Start-Up Accelerator Fund invests in.
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In total four specialist seed capital funds have been established as part of the bank recapitalisation with AIB and Bank of Ireland contributing the bulk of the €124 million they have available to invest.
