Information Technology
in Ireland
IT Financing
The Irish economic boom has not
escaped the notice of international and domestic financiers of all stripes.
Major banks and venture capitalists have begun to actively invest in all
aspects of the Irish economy with a particular focus on the technology
sector. Some of the major players include:
-
Royal Bank Development Capital (RBDC),
a subsidiary of Royal Bank of Scotland, established a new venture capital
fund, Alliance Investment Capital (Alliance) in March 1999. A limited partnership
between RBDC, Corporate Finance Ireland and Enterprise Ireland, the new
fund will provide investment capital for developing Irish companies, focusing
on small to medium sized established companies. Individual investments
will range in size from IR£250,000 to IR£1million. Funds will
be available to a wide spectrum of manufacturing, distribution and service
companies and there will be a special emphasis on technology based businesses.
RBDC is a wholly owned subsidiary of the Royal Bank of Scotland becoming
directly involved in the Irish economy for the first time with this initial
IR£5 million. The fund will co-invest larger amounts with Alliance
in specific projects where it deems it appropriate.
|
 |
-
Ireland's leading independent corporate
finance house, CFI, offers financial advice and fund raising expertise
to a wide range of clients operating in Ireland. To date CFI has completed
transactions aggregating IR£400m. ($512m)
-
Enterprise Ireland, the organization
responsible for assisting the development of Irish SMEs will invest an
initial IR£2.5m ($3.2m) in Alliance under the European Union Seed
and Venture Capital Measure. Enterprise Ireland makes commitments of over
IR£100m ($128m) annually to the development of Irish business and
equity funding.
-
Enterprise Ireland has established
a database of more than 70 Business Angels with in excess of £10
million ($12.8 million) to invest in small and medium enterprises.
-
The International Fund for Ireland
RADIAN Program supports innovative, technology based, joint research and
development between companies in the six southern border counties or in
Northern Ireland and companies in North America.
-
Jointly sponsored by Enterprise Ireland,
L.M. Ericsson Ltd., Bank of Ireland, Neil McCann and the European Union,
the Millennium fund has been established to provide early stage risk seed
capital funding to highly skilled individuals or teams who have strong
international experience, an identified technology based high growth potential
business opportunity, and entrepreneurial drive and ambition.
-
List
of Venture Capital Funds set up by Enterprise Ireland in partnership
with the private sector under the Seed and Venture Capital Measure of the
Operational Program 1994-99.
ACT Enterprises Ltd Partnership
Alliance Investment Capital Ltd
AWG Investment Fund Ltd
Bank of Ireland Entrepreneurs Fund Limited Partnership
Campus Companies Venture Capital Fund
Limited Partnership
Dublin Seed Capital Fund Ltd
First Step Ltd
Guinness Ulster Bank Equity Fund LP
ICC Software Fund
Irish BIC's Seed Capital Fund Ltd
Millennium Entrepreneur Fund Ltd
Shannon Ventures Ltd
Trinity Venture Fund
Telecom Enterprise Fund Ltd
Enterprise 2000 Fund
Source: Enterprise
Ireland
Other voices, however, are not so
optimistic. Declan Ganley, entrepreneur founder of Broadnet,
has gone to build an online jewelry startup in Ireland. Ganley says
the Irish entrepreneur's biggest headache is raising money. His advice
for aspiring Net startups: "Don't waste your time in Ireland or in Europe
looking for a good venture capitalist who understands the space and the
dynamics and the time constraints," he says. "They don't exist.
Go to New York, Boston and San Francisco."
From: The
Standard
28.
Note: currency conversions as of December
17, 1999.
Go
back previous topic
Return
to main menu for Ireland
Go
forward to next topic
Last update: December 17, 1999 by ED/MM.