Bruton issues global call to international venture capitalists during visit to Silicon Valley
Jobs Minister Richard Bruton has issued a global call to top venture capitalists to signal their interest in establishing a presence in Ireland. The Minister is in Silicon Valley on a trade and investment mission.
The Government through Enterprise Ireland will invest a total of more than €60million in venture capital funds which establish a presence in Ireland.
The Programme for Government commits to establishing a dynamic venture capital industry in Ireland, in order to ensure that high-tech early-stage companies based here can have access to capital, as well as mentoring and support, from top tier venture capitalists – often successful high-tech entrepreneurs themselves.
To date under Innovation Fund Ireland the National Pensions Reserve Fund (NPRF) has made investments in Polaris Ventures, DFJ and DFJ Esprit. Minister Bruton also announced yesterday a joint investment by Enterprise Ireland and the NPRF in Sofinnova Ventures, one of the premier US healthcare venture capital funds.
Making the announcement in Silicon Valley Minister Bruton said:
Developing a dynamic venture capital industry in Ireland is a key part of this Government’s growth strategy. Venture capital funds provide crucial funding, as well as mentoring and advice, to early-stage high-potential companies in key growth sectors. The Government is determined to support the development of a more dynamic venture capital industry in Ireland by seeking to attract top tier venture capitalists to invest in Ireland.
With implementation of proper government supports, developing a thriving venture capital industry can play a key role in ensuring that we create the levels of economic growth we badly need.
Read the full press release here.