Third call for 175m Seed and Venture Capital Scheme

 

The Tánaiste and Minister for Enterprise, Trade and Employment has opened the third call for expressions of interest for venture fund managers seeking to secure investment under the €175m Seed and Venture Capital Scheme.

Applications for the scheme are now open through Enterprise Ireland. 

Up to €82m is available under the third call of the scheme to commercially managed funds focused at the earliest stages of company development, where raising capital is often a challenge for Irish early-stage companies. 

Tánaiste Leo Varadkar said the scheme will provide a significant boost to the funding available for early-stage Irish companies with global ambitions. 

"The Seed and Venture Capital Scheme provides much needed investment for Irish companies at a crucial stage of development, when they are at the cusp of getting to the next level. These are companies which have a lot of potential and are the job creators of the future," Mr Varadkar said.

The Tánaiste said the indigenous enterprise sector is a major employer and a crucial part of our economy. 

"It's been a really difficult for year for many. This is part of an overall package that is in place to help Irish business recover and indeed flourish, post-pandemic," he added.

Since 1994 the Government, through Enterprise Ireland, has invested in four Seed and Venture Capital Schemes.

It has provided funding of €561m that has leveraged substantial additional external funding of over €1 billion, directly benefitting over 740 Irish companies.