Seed and Venture Capital Scheme 2019-2024
Call for Expressions of Interest
Overview
The Irish 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 early-stage innovative Irish companies with global ambitions.
Up to €30m may be committed as part of this call, with a maximum of €20m to any individual Fund.
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
Under the second competitive call, €30m will be allocated to funds that will target investment into companies emerging from the third-level research organisations, also known as Spin-out companies. The call will also encompass investment into Spin-in companies moving to Ireland from overseas.
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 emerging from third level research-oriented institutions;
- An innovative fund strategy for early-stage investing.
Consultation Phase
For the first 2 weeks (to 16th April, 2020) of this Call, the Enterprise Ireland (EI) Growth Capital team will be available to discuss the outline of proposals to assist prospective managers understanding of our objectives and whether their fund proposal fits within the overall objectives of the Scheme. EI is interested to hear of innovative and practical ways of supporting the sector. Beyond this 2-week period, EI will be restricted in terms of communication with potential applicants or their agents.
Potential applicants wishing to avail of this Consultation opportunity should email the Growth Capital Mailbox GrowthCapital@enterprise-ireland.com before close of business on the 14th April 2020 to arrange a conversation.
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 during May 2020, with further details to follow for applicants.
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 on or before 3pm on 14th May 2020.
An electronic copy of the Expression of Interest should be sent by email on or before 3pm on 14th May, 2020 to:
GrowthCapital@enterprise-ireland.com
Guidelines
For more information, download Guidelines for Expressions of Interest Call 2.
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
