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Companies received €5m more in venture capital from Enterprise Ireland last year

A total of €59 million was invested last year.

Image: Laura Hutton/Photocall Ireland

IRISH-BASED COMPANIES RECEIVED €5 million more last year in venture and seed capital from an Enterprise Ireland funding programme, its annual report shows.

The number of companies who benefited from the scheme also increased, from 84 to 94.

Enterprise Ireland Seed & Venture Capital Programme has a value of €700 million, and is expected to run until 2018.

As many as 2,100 people are thought to work with companies that have received investment under this programme.

A total of €59 million was invested in Irish-based companies last year.

Commenting on the launch of today’s report, Minister for Jobs, Enterprise and Innovation Richard Bruton said:

If we can ensure that our seed and venture capital schemes continue to perform strongly over the coming years this will make a major contribution towards creating the jobs we need.

Investment losses at Enterprise Ireland more than quadrupled last year to €16.8 million.

The same figure for 2012 was €3.8 million.

The vast majority of the loss was attributed to investor companies that were in liquidation or receivership, accounting for €10.67 million of the total.

Read: Enterprise Ireland investment losses more than quadruple to €16.8 million >

More: Record year as Enterprise Ireland companies hit €17.1 billion in exports >

About the author:

Nicky Ryan

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