Michelle Mulherin (Mayo, Fine Gael)
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400. To ask the Minister for Jobs, Enterprise and Innovation the procedure for applying for funding under the seed and venture capital scheme; the processing time for applications; and if he will make a statement on the matter. [46139/13]

Richard Bruton (Dublin North Central, Fine Gael)
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The new Seed and Venture Capital Scheme 2013-2018 was committed to in Budget 2013 for investment in high potential start-up and scaling companies. I announced the launch of the new Scheme and a first open and competitive call for expressions of interest from Venture Capital Funds on 31 May 2013. This was a key 2013 Action Plan for Jobs target for Q2 2013 and included a comprehensive set of guidelines for Venture Capital Funds.

Under the first call for expressions of interest Enterprise Ireland had the objective of committing up to €100 million to Venture Capital Funds targeting investment in the wider ICT and life sciences sectors.

At its October meeting the Board of Enterprise Ireland committed €99.5m to a number of Venture Capital Funds following the conclusion of an extensive and in-depth evaluation and due diligence process. When the successful funds have closed and completed fundraising and commenced investing in companies they will be individually announced.