Enterprise Ireland's Seed and Venture Capital programme made investments worth €34 million to 104 early stage companies last year.
Publishing the annual report for its programme today the agency said the overall investment made by the three funds stood at €459 million at the end of last year.
The Enterprise Ireland administered programme makes investments in local venture capital funds if they raise an agreed amount of private sector funding.
Under the current Seed and Venture Capital programme (2007 to 2012) €175 million in State funding has been committed with Enterprise Ireland saying the investment pipeline “remains strong”.
Two new funds were established under the fund last year, including the €75 million Fountain Healthcare Partners Fund and the €75 million Ulster Bank Diageo Venture Fund.
As part of the Government’s recapitalisation of AIB and Bank of Ireland an additional €48 million has been made available for seed investment this year.