A €7 million seed capital fund for the Border, Midland and Western (BMW) region has been initiated by the Tánaiste and Minister for Enterprise, Trade and Employment, Ms Harney.
The new fund is a public-private partnership between Enterprise Ireland and Enterprise Equity Venture Capital Group, with each contributing €3.5 million.
The fund will provide "much needed seed finance and mentoring" for young companies in the BMW region, Ms Harney said yesterday when she initiated the venture in Galway, prior to the Progressive Democrats' party conference.
Enterprise Equity Venture Capital Group, which is a wholly owned subsidiary of the International Fund for Ireland, also confirmed yesterday that it is to extend its remit from the border and western regions to include the entire BMW region.
The new fund will be administered from the Enterprise Equity Venture Capital Group offices in Galway and Dundalk, Co Louth, and up to €500,000 will be invested in individual companies and start-ups.
"This seed capital will be provided at a much earlier stage than normal venture capital investment," Mr Conor O'Connor, joint chief executive of Enterprise Equity Venture Capital Group, said, adding that while it would be most interested in new technology businesses, it would also look at "non-IT potential high-growth sectors".
"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," Ms Harney said.
