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Euro Ventures - Tuesday, November 10, 2009

Bank of Ireland Launches Seed and Early Stage Equity Fund

Tánaiste and Minister for Enterprise, Trade and Employment, Mary Coughlan, T.D. have launched the Bank of Ireland Seed and Early Stage Equity Fund; the 8th fund under Enterprise Ireland's Seed and Venture Capital Scheme 2007-2012. This €26M ($39M) Fund will invest in start-up and early stage companies, with a focus on export orientated high potential start-up companies that operate in the technology (including green technology), food and financial services sectors, in addition to supporting patent and patent-pending projects within Irish universities. Kernel Capital will be manage the fund on behalf of Bank of Ireland and the other partners. This fund comprises an investment by Bank of Ireland of €17M, €8M from Enterprise Ireland, and €1M by University of Limerick Foundation (ULF). This launch will increase the funds under management by Kernel Capital and its Life Science associate firm Seroba Kernel to €190M ($284M).

Launch of this new fund by Bank of Ireland is part of the Government's bank recapitalization initiative, marking a significant increase in the supply of seed capital available for new Irish businesses and campus spin-out companies. A healthy seed and venture capital environment is absolutely essential for stimulating the growth of new and innovative businesses that have real potential to grow and expand into export markets. According to Professor Don Barry, President at the University of Limerick, Bank of Ireland's collaboration with the University further enhances strong links with industry and provides a catalyst for third and/or fourth level research, contributing to the future growth of Ireland's smart economy.

Enterprise Ireland is working closely with the banks, the venture capital sector and the European Investment Bank to secure finance for Irish businesses. Since 2000, Bank of Ireland has committed over €101M in venture capital to developing Irish companies.

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By Raghuraman R