Irish venture capital funds supported by Enterprise Ireland invested a total of € 60 million last year, despite the ongoing difficulties in the economy.

That was a 43 per cent increase on the value of investments made in 2010, with the funding spread across 131 investments in 93 companies.

Seed funding available to Irish companies rose by €27 million, lifted by a new €22 million AIB Accelerator Fund, while Bank of Ireland’s Seed and Early Stage Equity Fund grew by 5 million.

Enterprise Ireland’s head of investment services Niall O’Donnellan said access to capital was an important part in the strong performance of exporting firms last year.

“The seed and venture capital sector played a vital role in supporting and increasing employment in innovative businesses by providing essential risk equity to enable many of our clients to realise growth opportunities,” he said.

Under the current programme, which runs from 2007 to 2012, €614 million has been made available to companies.