A new €85m venture capital fund has been launched which will help high-tech firms in Ireland to get off the ground. The fund will be managed by Atlantic Bridge Partners, which has €250m already under investment.
The Atlantic Bridge 11 fund is being supported under Enterprise Ireland's seed and venture capital programme, and will focus on high-tech firms across Ireland and Europe with strong international growth prospects.
Companies chosen are expected to receive between €5-20m with a typical investment cycle of five to eight years.
The fund's backers are especially interested in communications technology, semi-conductor and software - sectors in which it already has a strong investment track record.
The Minister for Enterprise, Trade and Innovation, Batt O'Keeffe said the new fund was a 'significant boost for Ireland's venture capital sector which is critical to developing scalable Irish firms'.
'To create a thriving high-value indigenous enterprise sector, we must develop our funding base and expose high-potential Irish firms to new networks of contacts across the world,' the Minister added.
