Innovation Fund Ireland

Overview of Innovation Fund Ireland
Fund Structure and Eligibility Criteria
Closing Date for Submission of Expressions of Interest
Updates
Why Ireland? - Information on the benefits of locating and investing in Ireland
Key Contact

Overview of Innovation Fund Ireland

The Irish Government is committed to the further development of Ireland as a Global Innovation Hub. The provision of 'smart capital' to support vibrant companies is a crucial pillar of Ireland's strategy to become the best country in the world in which to do business. Innovation Fund Ireland provides a unique opportunity for leading international venture capital fund managers to establish their European headquarters in Ireland and access entrepreneurs and innovative companies. Ireland already has a very active venture capital industry and Innovation Fund Ireland is an initiative to further increase the availability of risk capital for innovative companies.

The Innovation Fund Ireland has been created to increase the availability of risk capital for early-stage and high-growth companies, and is central to the Irish Government's strategy for economic recovery. The main objectives of Innovation Fund Ireland are to:

• Increase the number and scale of innovation driven and high-growth businesses in Ireland.
• Increase the availability of smart risk capital for early stage and high-growth companies.
• Attract top-tier venture capital fund managers to Ireland.
• Attract, leverage and develop entrepreneurial talent.

Innovation Fund Ireland has up to €250 million available to make commitments. This funding runs along two parallel tracks. The first one comprises a €125 million pool of funds provided by the Exchequer and managed by Enterprise Ireland. Successful applicants who receive an investment from Enterprise Ireland will have to commit to investing an equivalent amount in Irish companies or companies with significant Irish operations over the lifetime of their fund.

The second one is for a similar amount and designed to allow Ireland's National Pension Reserve Fund to make a similar level of commercial investments assuming its criteria are met.

Fund Structure and Eligibility Criteria

Fund managers must meet, at a minimum, the following criteria to be considered for investment:

• An established global profile and network with a reputation for market leadership in venture capital investment.
• A proven track record of raising funds and generating superior returns for investors.
• A capacity to access high potential international investment opportunities with an investment team capable of attracting world-class entrepreneurs.
• An intention to establish a new and substantial presence in the venture capital market in Ireland and a willingness to invest a meaningful proportion of their venture capital fund in Irish companies or companies with significant Irish operations.

Innovation Fund Ireland will has up to €250 million available to make commitments however a number of commitments have already been completed. This funding runs along two parallel tracks.

• The first, comprises a €125 million pool of funds provided by the exchequer and managed by Enterprise Ireland. Successful applicants who receive an investment from Enterprise Ireland will have to commit to investing an equivalent amount in Irish companies or companies with substantial Irish operations over the lifetime of their fund.
• The second, is for a similar amount and designed to allow Ireland’s National Pension Reserve Fund to make a similar level of commercial investments assuming its criteria are met.

Closing Date for Submission of Expressions of Interest

The first call for expressions of interest was launched in 2010 and a number of commitments have been made to date. The successes to date are outlined on www.innovationfundireland.com. The second call for expressions of interest was launched on March 15, 2012 with a closing date of 4:00pm GMT on Thursday, June 14, 2012.

Expressions of interest should be submitted to:

Innovation Fund Ireland

*Updates*

Minister Bruton Announces second call for Innovation Fund Ireland
Minister Bruton announces Innovation Fund Ireland investment with Sofinnova Ventures
Taoiseach welcomes Innovation Fund Ireland investment in Polaris
Taoiseach welcomes Innovation Fund investment in DFJ Esprit

Why Ireland? - Information on the benefits of locating and investing in Ireland

Download Innovation Fund Ireland which provides detailed information on the benefits of locating and investing in Ireland and is a key reference document for those wishing to submit an expression of interest.

Key Contacts

Please direct enquiries via email to innovationfundireland@enterprise-ireland.com

or contact:

Garrett Murray
Senior Investment Adviser
Investment Services
Tel. +353 1 7272815

Garrett Murray

Cian Daly
Investment Adviser
Investment Services
Tel. +353 1 7272684

Cian Daly

Useful links

• National Pension Reserve Fund
• www.idaireland.com
• www.sfi.ie
• www.forfas.ie