Richard Bruton (Dublin North Central, Fine Gael) | Oireachtas source

To reassure the Deputy, the MML fund is fully subscribed. The fund has a total of €125 million. Two managers have been appointed in this country who are now in a position to enter into agreements with companies who have ambitious growth plans. The need for such investment has been identified by Enterprise Ireland. Companies that are not in the gazelle league favoured by venture capitalists, that are solid companies with growth markets, have found it difficult to get funding. The fund will fulfil the need they have. The fund has hit the street and is available to be drawn down. These are the very sectors in which we are seeing significant performance. The food sector is doing exceptionally well. Technology is doing very well. Life sciences are doing well. This is a good opportunity as the fund has real management expertise as well as money. That is the benefit of the fund.

To outline Enterprise Ireland’s track record, last year the seed and venture capital scheme funded 140 new companies at a cost of €80 million. There is a track record of the funds delivering for companies.

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