Ireland Launches $40 Million Seed Fund

Nov 22 2009 | 4:49pm ET

Ireland has launched the EUR 26 million ($40 million) Bank of Ireland Seed and Early Stage Equity Fund to invest in startup and early stage companies.

The fund will focus on export-orientated, high potential startups in the technology (including green technology), food and financial services sectors, in addition to supporting patent and patent-pending projects within Irish universities. It will be managed on behalf of Bank of Ireland and the other partners by Kernel Capital

This is the eighth new fund supported by the Irish government through Enterprise Ireland’s Seed and Venture Capital Program 2007-2012. It comprises an investment by Bank of Ireland of EUR 17 million ($25 million), EUR 8 million ($12 million) from Enterprise Ireland, and EUR 1 million ($1.5 million) by University of Limerick Foundation (ULF).

The new fund brings total assets under management by Kernel Capital and its Life Science associate firm Seroba Kernel to EUR 190 million ($283 million).

The Bank of Ireland Seed and Early Stage Equity Fund will make investments ranging from EUR 100,000 to EUR 500,000 ($150,000 to $550,000).

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