Tánaiste Announces New Euro 7 million Seed Capital Fund for BMW Region
11th April 2003
Backed by Enterprise Ireland and Enterprise Equity Venture Capital Group in Public Private Partnership
Galway, Friday 11th April 2003: In a boost for the BMW (Border, Midland and Western) region, Mary Harney, Tánaiste and Minister for Enterprise, Trade and Employment, today announced a new Euro 7 million seed capital fund. The fund is a public private partnership between Enterprise Ireland (EI) and Enterprise Equity Venture Capital Group which have each contributed Euro 3.5 million. Enterprise Equity Venture Capital Group, which is a wholly owned subsidiary of the International Fund for Ireland, also announced that it is to extend its remit from the Border and Western regions to include the entire Border, Midland and Western Region.
Making the announcement, the Tánaiste said, “I warmly welcome this initiative by Enterprise Ireland and Enterprise Equity Venture Capital Group. I am particularly pleased that it provides seed capital for start ups and young companies and am hopeful that this will be a major boost to existing and budding entrepreneurs in the BMW region.
The fund provides a considerable boost to the Government’s policy of regional economic development and will contribute to the creation of new enterprises and strengthening of existing enterprises in the BMW region”.
Pat Maher, Executive Director, Enterprise Ireland said, “Our objective is to continue to develop the seed and early stage venture capital industry. This initiative, in particular, contributes to the creation of a vibrant VC market in the regions outside the East coast”.
Mr William T McCarter, Chairman of the Enterprise Equity Venture Capital Group and of the International Fund for Ireland (IFI) said, “As managers of the fund we will provide not only much needed seed finance but mentoring expertise to young companies in the BMW region. We will be targeting those enterprises which have the potential to grow significantly in the future. I am very pleased that our partners in this initiative are once again Enterprise Ireland. Their support has been vital in bringing Venture Capital to the Regions”.
Mr Conor O’Connor (Joint Chief Executive, Enterprise Equity Venture Capital Group) said, “We plan to invest sums of up to Euro 500,000 in individual companies and start ups. This seed capital will be provided at a much earlier stage than normal venture capital investment. While we will be most interested in new technology businesses we will also look at non IT potential high growth sectors”.
The new fund will be administered from the Enterprise Equity Venture Capital Group offices in Galway and Dundalk. It is the only VC company to operate offices in the BMW region