Seed and Venture Capital Scheme 2019-2024

Call for Expressions of Interest

Overview

The Government, through Enterprise Ireland, has made €175m available as part of the Seed & Venture Capital Scheme (2019 – 2024) to stimulate job creation and support the funding requirements of young innovative Irish companies. This Scheme will allow the State to commit funding to Venture Capital funds that best meet the Scheme objectives.

Under the first Call of the new Scheme, Enterprise Ireland is seeking to invest up to €100m in commercially focused Venture Capital funds.

Scheme Objectives

The overall vision of the Seed & Venture Capital Scheme (2019-2024) is;

  • To increase the availability of risk capital for start-ups to support economic growth through the continued development of the Seed and Venture Capital industry in Ireland to achieve a more robust, commercially viable and sustainable sector.

To realise this vision, the objectives include:

  • To encourage and leverage private sector investment into sectors (and stages of development) that find it difficult to secure appropriate funding.;
  • To leverage domestic and international private sector/institutional capital into investment in Ireland;
  • To support the growth strategies of Enterprise Ireland’s sectors with capital and expertise;
  • To maximise the ‘additionality’ that any commitment will bring to the overall sector in terms of both additional capital and expertise in company development;
  • To seek innovative funding solutions that reflect current international best practice.

Objectives of the current call

This First Call under the Scheme will target three distinct areas of the market and Applicants must identify which of the three areas their proposal addresses.

Applicants who wish to apply for more than one area must make separate applications, and each application will be evaluated individually:

1

Pre-Seed / Seed Stage Funding. Enterprise Ireland will support funds that aim to invest across the start-up base at the very early stages of company development. Such funds should seek to target core Enterprise Ireland sectors including ICT, Lifescience and Industrial.

The fund strategy should be oriented to deploy a substantial majority of the fund through investment in Pre-Seed and/or Seed Stage total round sizes of less than €1.5m AND/OR a maximum investment per investee company of 10% of the Fund.

Up to €50m may be committed as part of this Call.

2,

Series A+ Funds. Enterprise Ireland will support Funds that aim to invest in core Enterprise Ireland sectors including ICT, Lifescience and Industrial. Such funds should predominantly focus on investments in Series A+ stage rounds of over €1.5m.

Up to €30m may be committed as part of this Call

3.

Food Sector Funding. Enterprise Ireland will support funds that will focus predominantly on the Food sector, including FoodTech. The fund strategy should include investment into seed and early stage companies.

Up to €20m may be committed as part of this Call.

Expressions of Interest

Enterprise Ireland is seeking Expressions of Interest from Fund Managers with innovative investment strategies that can demonstrate (at a minimum):

  • An ability to secure additional private sector/institutional capital;
  • A strong track-record of working with high growth companies;
  • An innovative fund strategy in relation to early-stage investing.

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 be available for interview, if required, by the evaluation team. Interviews will be held in Enterprise Ireland’s offices in Eastpoint during May 2019.

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 3pm on April 23rd 2019.

and

An electronic copy of the Expression of Interest should be sent by e-mail to GrowthCapital@enterprise-ireland.com on or before 3pm on April 23rd 2019.

Guidelines

Guidelines for Expressions of Interest can be found here.

Key Contacts

Donnchadh Cullinan
Manager, Banking Relationships & Growth Capital Department

+353 1 727 2162

Claire Carroll
Senior Investment Advisor, Banking Relationships & Growth Capital Department

+353 1 727 2945