The Government has launched a scheme that will see €175m in seed and venture capital funding made available for Irish companies

The Government has launched a scheme that will see €175m in seed and venture capital funding made available for Irish companies, which have the potential to grow jobs and generate large amounts of export sales.

Minister for Jobs, Enterprise and Innovation Richard Bruton wants to increase the fund to €700m by targeting extra funds from the private sector.

The Seed and Venture Capital Scheme was promised under the Government’s Action Plan for Jobs.

Under the scheme, the Government will put up €175m and seek an extra €525m in private funds for investment in Irish companies between now and 2018.

Advertisements will appear in newspapers from this weekend seeking expressions of interest from venture capital funds.

The scheme will see Enterprise Ireland make funding available for investment in private seed and venture capital funds.

These funds will invest in high-growth Irish companies in sectors such as ICT, life sciences, high-tech manufacturing and the green economy.

The department expects that the average initial investment in a company to be in the order of €2m.

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