A new €90m fund, the Irish Innovation Seed Fund Programme, has been made available for Irish start-ups, including those in the food and agri-tech sectors, as well as women-led enterprises.

An Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar and Minister for Finance Paschal Donohoe launched the fund on Wednesday 9 February.

Investment from the fund will be targeted and prioritised in areas such as regional development, climate change and female entrepreneurship with both ministers designating food and agri-tech as a sector of priority within these themes.

The fund programme, totalling €90m, will be made up of a €30m contribution from the Department of Enterprise, Trade and Employment, whilst the European Investment Fund will match this investment by providing a further €30m. The Ireland Strategic Investment Fund will also seek to co-invest with a further €30m on selected investments.

Boost

Launching the fund, Varadkar said: “This is about backing Irish entrepreneurs and their ideas at an early stage, giving them a much-needed boost from the beginning.

“We’re looking for companies working in a number of areas we’ve identified as strategic opportunities for Ireland but have traditionally struggled in attracting early-stage investment.”

Minister Paschal Donohoe said the programme will increase early-stage funding for small and medium enterprises and will be an “important step” in supporting indigenous, high-innovation enterprises to reach their “full potential”.

For start-ups interested in applying to the fund, a first call for proposals under the programme will launch later this week on the European Investment Fund website.

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