Seed and Venture Capital Scheme 2013 - 2018

Third Call for Expressions of Interest - Seed & Venture Capital Scheme 2013 - 2018 

 

Overview 

The Government, through Enterprise Ireland, has made €175m available as part of the Seed & Venture Capital Scheme (2013 – 2018) to stimulate job creation and support the funding requirements of young innovative Irish companies.  This Scheme will allow the State to commit funding, through a number of competitive calls, to Venture Capital funds that best meet the Scheme objectives.  

Under the third call of the new Scheme, Enterprise Ireland is seeking to invest up to €44m in commercially focused Venture Capital funds targeting seed and early stage companies in the wider Technology and Life Sciences sectors.

 

Scheme Objectives

The overall vision of Seed & Venture Capital Scheme (2013-2018) is to;

  • Increase the availability of risk capital for SMEs to support economic growth through the continued development of the Seed and Venture Capital Sector in Ireland to achieve a more robust, commercially viable and sustainable sector.

To realise this vision, the objectives are to;

  • Encourage and leverage private sector investments into sectors (and stages of development) that find it difficult to secure appropriate growth funding.
  • Leverage domestic and international private sector/institutional capital into VC investment in Ireland.
  • Support the growth strategies of Enterprise Ireland’s sectors with capital and expertise.
  • Maximise the ‘additionality’ that any commitment will bring to the overall sector in terms of additional capital and expertise in company development.
  • Seek innovative funding solutions that reflect current international best practice.

 

Objectives of the current call

The objective of the current call is to;

  • Establish a number of Funds to invest across the wider Enterprise Ireland start-up base at the seed and early stages of company development. Sectors to be targeted include food, ICT, cleantech, life sciences and manufacturing. Up to €44m may be committed as part of this call.

 

Expressions of Interest

Enterprise Ireland is seeking commercially viable Expressions of Interest from VC funds that (at a minimum);

  • Will meet the overall objectives of the Scheme, the objectives of the current call and the overall strategic objectives of Enterprise Ireland and the Action Plan for Jobs.
  • Will invest, at a minimum, an amount equal to double Enterprise Ireland’s commitment in Irish companies.
  • Will result in a targeted fund size that is commercially viable while meeting the objectives of the Scheme.
  • Enterprise Ireland’s investment in any fund cannot exceed 50% of total fund commitments.
  • Recognise that Enterprise Ireland invests on a pari passu basis with the private sector equally sharing the risk and reward.
  • Will result in commercial Seed Funds that primarily invest by way of equity instruments to stimulate growth and employment in manufacturing and/or high growth potential early-stage SMEs in Ireland.

 

How will Enterprise Ireland make its investment decision?

All investment decisions will be made on a competitive basis with final approval residing with the Board of Enterprise Ireland. 

Those parties submitting Expressions of Interest must make themselves available for interview by the evaluation team. On the closing of the call, a schedule of interviews will be created and interviews will be held in Enterprise Ireland’s offices in Eastpoint during June 2017.  All parties must be able to attend for interview within this period.

 

How to submit an Expression of Interest?

A single copy of the completed Expression of Interest should be submitted to the Banking Relationships & Growth Capital Department, Enterprise Ireland, East Point Business Park, East Point, Dublin 3 DO3 E5R6 on or before 12 noon on 31st May 2017.

and 

An electronic copy of the Expression of Interest should be sent by e-mail to GrowthCapital@enterprise-ireland.com on or before 12 noon on 31st May 2017.

 

Guidelines

Guidelines for Expressions of Interest can be found here [pdf].

 

Key Contacts

Donnchadh Cullinan

Manager, Banking Relationships & Growth Capital Department
Enterprise Ireland

Donnchadh Cullinan

+353 1 727 2162

Claire Carroll

Senior Investment Advisor, Banking Relationships & Growth Capital Department
Enterprise Ireland

Claire Carroll

+353 1 727 2945