Venture capital firms supported by Enterprise Ireland increased their activity in 2012, investing €54 million in Irish based companies, a new report said today.

According to the Enterprise Ireland Seed & Venture Capital Programme 2012 Report, the funds made 135 investments in 84 Irish companies last year, with the total maount of €54 million increasing by €11 million, or 26 per cent, compared with a year earlier.

Overall investment by the funds totalled €81 million, with 105 companies receiving funds. Seed and venture funds under Enterprise Ireland’s capital programmes now have total funds under management of €636 million as at the end of 2012.

Minister for Jobs, Enterprise and Innovation Richard Bruton said building a stronger and more dynamic venture capital industry in Ireland was a key commitment under the Government's action plan for jobs.

“International experience from Silicon Valley and elsewhere shows venture capital can play a key part in ensuring access to mentoring and networks as well as the funding that supports the growth of these companies,” he said.

“Today’s report shows that, with the right supports from Government, the seed and venture capital industry in Ireland continues to grow, supporting more dynamic Irish companies with the potential to grow quickly, build exports, and create the jobs we need.”