Enterprise Ireland Backs 18 Start-Ups with €3.5 Million Investment
Deal News | Dec 20, 2024 | Enterprise Ireland
Enterprise Ireland approved €3.5 million in investment funding for 18 start-up companies in November 2024. The funding covers various sectors such as healthtech, fintech, life sciences, digital education, lifestyle, animation, and gaming, through the High Potential Start-Up (HPSU) programme and Pre-Seed Start Fund (PSSF). Specifically, 11 start-ups were approved under the HPSU programme, designed for fast-growing companies expected to create at least 10 jobs and achieve €1 million in sales within three years of investment. The remaining 7 start-ups received fund approval from PSSF, aimed at innovative start-ups across sectors like manufacturing and renewables, offering up to €100,000 as convertible loan notes. Notable recipients include Voicetune AI, which evolved from academic research into a spin-out company with Enterprise Ireland's Commercialisation Fund assistance. The aim is to foster international growth for Irish start-ups, cementing Ireland as a hub for innovation.
Sectors
- Venture Capital & Private Equity
- Technology
- Healthcare & Life Sciences
- Finance & Payments
Geography
- Ireland – The article focuses on Irish start-ups supported by Enterprise Ireland, emphasizing Ireland's ecosystem for innovation.
Industry
- Venture Capital & Private Equity – Enterprise Ireland functions as a venture capital entity by providing funding to high potential start-ups.
- Technology – Several technology-focused start-ups are involved, such as Voicetune AI and FacePOS, indicating a significant tech industry emphasis.
- Healthcare & Life Sciences – Start-ups like Isovasc Medical are involved in healthcare, focusing on innovative solutions in interventional oncology.
- Finance & Payments – Includes companies like FacePOS, which are revolutionizing payment systems and fintech solutions.
Financials
- €3.5 million – Total investment approved by Enterprise Ireland for 18 start-up companies.
- €400,000 – Maximum equity investment for start-ups as part of the High Potential Start-Up programme.
- €100,000 – Maximum funding available from the Pre-Seed Start Fund (PSSF) in the form of a convertible loan note.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Enterprise Ireland | Investor | Company | A government organization responsible for supporting Irish businesses through funding and advice. |
| Voicetune AI | Start-Up | Company | Specializes in developing speech technology for the entertainment and media industry. |
| Rory McEvoy | Founder | Person | Founder of QuizWizards, a tech company focused on fan engagement. |
| Michelle Pedreschi | Founder | Person | Founder of Waggi Connected Pets, a company offering digital solutions for pet care. |
| Jenny Melia | Executive Director | Person | Executive Director at Enterprise Ireland, overseeing start-up funding initiatives. |