Scale Ireland welcomes launch of the new €90m Innovation Equity Fund

Scale Ireland has welcomed the launch today of the €90m Innovation Equity Fund – calling it “a solid commitment to improving the prospects of early-stage start-ups”. The €90 million funds, which was committed to in Budget 2022, will focus on investing in domestic, high innovation enterprises.

Scale Ireland, the independent not-for-profit organisation which represents Irish tech start-ups and scale-up companies, has previously mentioned the funding difficulties that early start-ups face. According to a recent survey of 230 founders and CEOs, conducted by Scale Ireland, raising capital was the biggest effort faced by founders, with 79% finding it difficult or extremely difficult.

The CEO Of Scale Ireland, Martina Fitzgerald said: “This fund is an important boost for early-stage start-ups, given the difficulties they have faced in attracting funding. We had welcomed the announcement of the fund in Budget 2022 while stressing it was equally important that it would be launched without delay. So today’s announcement by the Government is very welcome.”

The Chair of Scale Ireland, Brian Caulfield added: “This fund will bolster investment in early-stage start-ups, which is critical as these companies cannot scale and expand without sufficient capital. This fund, along with the initiative in the budget to allow a wider range of investors accesses to the Employment Investment Incentive Scheme are very positive. While we will continue to work with the government for increased state support for the indigenous tech sector.”

In Budget 2022 the Minister for Finance, Paschal Donohoe announced a €90 million innovation equity fund through the Ireland Strategic Investment Fund, Enterprise Ireland and The European Investment Fund to invest in high innovation Irish enterprises.