€48.5m invested by Enterprise Ireland Partnership Funds in 2007

Today Thursday 24th July 2008, Niall O’ Donnellan, Head of Investment Services at Enterprise Ireland launched the Enterprise Ireland Seed and Venture Capital report for 2007.  In 2007, Enterprise Ireland partnership funds made 103 investments, worth €48.5m. This brings total investment under all three seed and venture capital programmes to date to €425m, at end 2007. 

Launching the 2007 report, Niall O’ Donnellan said:

“Seed and venture capital are essential elements of the eco-system for Irish companies, providing risk capital for firms that would have difficulty raising capital through traditional sources of finance. €48.5m is a very substantial level of investment, and although lower than in 2006, is more indicative of the transition and time it takes to bring new funds to closing under the 2007-2012 Seed and Venture Capital Programme.” 

“Given that three new partnership funds were announced in 2007, and a fourth announced in 2008, with more in the pipeline, I am confident of an increase in the level of seed and venture capital investment in Ireland in 2008” he added. 

Welcoming the report, the Tánaiste and Minister for Enterprise Trade and Employment Mary Coughlan T.D. said:

“The Irish Venture Capital Sector provides a vital source of funding for early stage and growing Irish companies.  I look forward to the establishment of several new partnership funds over the coming months under Enterprise Ireland’s 2007-2012 Seed and Venture Capital programme”. 

Download the Seed & Venture Capital Programme Report 2007 (pdf format)

Highlights of the 2007 Report include: 

• In 2007, a total €48.5m was invested by partnership funds supported under the three Enterprise Ireland Seed and Venture Capital Programmes (the 1994-1999 Programme, the 2000-2006 Programme and the 2007-2012 Programme).
• This bring to over €425m the total invested by funds under all three programmes, to end 2007.
• In late 2007, 3 new funds were established under the Enterprise Ireland 2007-2012 Seed and Venture Capital Programme; the €30m AIB Seed Capital Fund, the €70m Bank of Ireland Kernel Capital Partners Fund II, and the €100m Delta Equity Fund III.
• Seed and Venture capital investments are increasingly regionally based; with 44% of investments made under the 2000-2006 programme destined for companies in regions outside of Dublin.  

--ENDS--