Enterprise Ireland launches new investment offer for early-stage start-ups

• Up to €100,000 per business available under new ‘Pre-Seed Start Fund’
• Enterprise Ireland fund targets early-stage entrepreneurs and start-up teams
• New fund is ‘important and timely’ – Enterprise Ireland CEO Leo Clancy

Enterprise Ireland today launched a new stream of funding to support the specific early-stage funding needs of new start-up companies.

Ireland is recognised as a great place in which to start and scale an internationally-focused business. The focus of this new funding support is designed specifically with high-growth early stage start-up companies and entrepreneurs in the manufacturing and internationally traded services sectors in mind. It follows on from extensive consultation with entrepreneurs and stakeholders in Ireland’s vibrant start up ecosystem which guided Enterprise Ireland on how to enhance its offer to early-stage entrepreneurs. It is one of a series of specific targeted initiatives which Enterprise Ireland is taking as part of its strategic ambition to encourage and support an increased number of new high growth start-up companies in Ireland.

Enterprise Ireland’s CEO, Leo Clancy said,

“Enterprise Ireland is delighted to announce this exciting new fund for early stage start-up companies. It is an important and timely strategic intervention. This builds on the extensive range of supports available to assist entrepreneurs and start-up teams to take those critical first steps in establishing and developing innovative new high growth businesses with international potential.

“Securing private sector investment for very early-stage companies has always been challenging and Enterprise Ireland plays a critical role in bridging this gap when cash is required for activities including product development, recruitment into the team and developing channels to market.

“In designing the new Pre-Seed Start Fund we have listened carefully to the start-up community and the wider start-up ecosystem about the needs of new businesses, resulting in a new, enhanced offer for early-stage entrepreneurs. The new Pre-Seed Start Fund, in conjunction with the Enterprise Ireland broader range of services for start-ups, responds to current market needs and provides entrepreneurs with an attractive financial offering to help accelerate their start-up business plans.”

Enterprise Ireland standard investment will be in the form of a Convertible Loan Note (CLN), and is intended to convert into equity on a future priced round at a 20% discount.

In addition to the investment, successful applicants will be supported by an Enterprise Ireland Development Advisor in their sector and can avail of a range of Start–up supports, including mentoring, access to Enterprise Ireland Market Research Centre, market insights, access to business networks and wider ecosystem offerings to support development of their start up business.

Applications received will be reviewed and assessed by considering the objective of the offer, required criteria, the stage of development of the start-up and assessment of the potential of the business.

For more information please note:

A number of ‘PreSeed Start Fund’ application-support workshops will be held online by the national Business Innovation Centres (BICs) over the coming weeks. Details of these workshops as well as the relevant application forms and eligibility criteria can be accessed on the Enterprise Ireland website at Pre-Seed Start Fund | Business Support | Enterprise Ireland (enterprise-ireland.com)

ENDS

Notes to Editor

The proposed application must be active in the manufacturing and internationally traded services sectors, including the following subsectors:

AgriTech, AR/VR, Cleantech, Compliance Tech, Construction Tech, Consumer Products, Cyber Security, EdTech, Fintech, Food & Drink, Gaming and Digital Entertainment, HR Talent Tech, Industrial Products, IOT / Smart Cities, Life Sciences, Manufacturing Tech, MarineTech, MedTech, PropTech, Retail Tech, Enterprise Technology, TravelTech, Green Technologies / Climate Change Solutions, Other.

Enterprise Ireland is particularly interested in receiving applications from start-ups with solutions to address challenges and opportunities regarding climate action with an emphasis on decarbonisation (i.e. supporting transition to low carbon) including but not exclusive to renewables, carbon capture technology, Innovations in buildings and transport applications and sustainable materials.

About Enterprise Ireland

Enterprise Ireland is the Irish State agency that works with Irish enterprises to help them start, grow, innovate and win export sales in global markets. Enterprise Ireland partners with entrepreneurs, Irish businesses, and the research and investment communities to develop Ireland’s international trade, innovation, leadership and competitiveness. In this way, we support sustainable economic growth and regional development, and help create and sustain employment in Ireland. www.enterprise-ireland.com