Ruairi Quinn (Dublin South East, Labour)
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Question 32: To ask the Tánaiste and Minister for Enterprise, Trade and Employment the venture capital funds that have been established through her Department and its agencies; the amounts available through those funds; the take-up of those funds; and if she will make a statement on the matter. [47885/09]

Mary Coughlan (Donegal South West, Fianna Fail)
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A healthy venture capital market is a prerequisite for the growth and development of high potential start up companies. To date, Enterprise Ireland has been involved in three Seed and Venture Capital Programmes as follows: · Seed and Venture Capital Programme 2007 – 2012. · Seed and Venture Capital Programme 2000 – 2006, under the National Development Plan. · The EU Seed and Venture Capital Measure 1994 – 1999, under the Operational Programme.

Under the EU Seed and Venture Capital Measure 1994 – 1999, 15 separate venture capital initiatives were established with €43.9m committed under this Programme. The first of these initiatives was launched in May 1996. Under the 2000 – 2006 Programme, Enterprise Ireland committed €98m to continue development of the venture capital market for small and medium sized enterprises (SMEs) in Ireland. This Programme committed capital to 15 funds. The 2007 – 2012 Seed and Venture Capital Scheme was launched to improve access to finance for SMEs and to further develop the Seed and Venture Capital Industry in Ireland. Enterprise Ireland has committed to investing €175m under this programme.

The Bank of Ireland Seed and Early Stage Equity Fund, which I launched in November of this year, is the eighth venture capital fund to be supported under the current scheme. Under this €26m fund, Bank of Ireland has committed €17m and Enterprise Ireland has committed €8m, with the balance of €1m being committed by the University of Limerick Foundation. This fund will focus on export orientated high potential start-up companies that operate in the technology (including green technology), food and financial services sectors, in addition to supporting patent and patent pending projects within Irish third and fourth level institutions. The fund is mandated to invest between €100,000 and €500,000 in companies within the outlined investment criteria.