Factsheet for measure
IE-2022-7/3243
– measures in Ireland
Seed funding for sustainable SMEs
Background information
The Irish Innovation Seed Fund Programme was launched in February 2022 as a €90 million fund for Irish start-ups. It will provide funding to several underlying venture funds that provide capital to innovative Irish companies at the seed stage.
The funding will be targeted towards companies that focus on sustainability in areas such as clean energy, and are investing in innovative technology, agriculture solutions, waste treatment and energy technology, as well as services and technologies that support financial inclusion.
Content of measure
The €90 million investment is made up of a €30 million investment from the Department of Enterprise, Trade and Employment, through Enterprise Ireland, which is matched by a €30 million investment from the European Investment Fund, and a €30 million co-investment from Ireland Strategic Investment Fund.
The funding will focus on sectors that have experienced difficulty in attracting early stage investment including:
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lifesciences
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healthcare and pharma
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fintech
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technology and digitalisation
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food and agri-tech
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sustainability and climate change
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women-led enterprises
In June 2023, the first allocation of up to €35 million from the fund was committed to early-stage fund WakeUp Capital.
Minister for Finance, Michael McGrath said: “I very much welcome the first allocation of funding from the €90 million Irish Innovation Seed Fund Programme to WakeUp Capital, an early stage fund whose impact themes include sustainable production and consumption, health equity and inclusive and accessible services.
“The deployment of €35 million to WakeUp Capital will support the targeted investment goals of this fund, which includes supporting innovative companies in the sustainability and climate change sector, healthcare, fintech, food and agri-tech, technology and digitalisation.”
Use of measure
No information to date.
Target groups
Actors and funding
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Actors
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Funding
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National government
Public support service providers
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European Funds
National funds
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Social partners
Social partners' role in
designing the measure
and form of involvement:
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Trade unions
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Employers' organisations
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|
Role
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No involvement
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No involvement
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Form
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Not applicable
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Not applicable
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Social partners' role in the
implementation, monitoring and assessment phase:
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No involvement
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Main level of involvement: N/A
Involvement
No involvement.
Views and reactions
Not available.
Sources
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23 March 2022: Tánaiste and Minister Donohoe launch new €90 million fund for Irish start-ups
(www.gov.ie)
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16 June 2023: Ministers Coveney and McGrath welcome first allocation of funding under Irish Innovation Seed Fund (IISF)
(enterprise.gov.ie)
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17 June 2023: Irish seed fund gets €35m commitment from Dublin’s WakeUp Capital
(www.siliconrepublic.com)
