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Ten Tech Start-ups Get €50k Funding

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DateFriday, March 25, 2011

Ten Tech Start-ups Get €50k Funding

Enterprise Award Internet & Games Competitive Start Fund to Ten Irish Start-ups



ENTERPRISE_IRELAND_Internet_&_Games_Fund.jpgTen of Ireland's most promising internet and gaming start-ups have traded a 10% equity in return for a €50,000 investment made by Enterprise Ireland's new Internet and Games Competitive Start Fund.



Drawn from over 120 applicants, ByteSurgery (Decisions For Heroes), Calom Technologies, Cellplay Networks, Franklyweb, Jlizard, Plendi, Redwind Software Providers, Scurri Web Services, Tribal City Interactive and UnitedWeSave, were selected because they have shown a strong potential to trade their business internationally. According to Enterprise Ireland, with products and services ranging from games and game engines to consumer services and telecommunications, they are all rising stars in the sector and are now set to develop their businesses and grow their international presence.



Enterprise Ireland set up the new fund as a mechanism to get financial support into very early stage companies at the critical product market fit stage of their projects. Each of the ten companies receives an equity investment of €50,000 for a 10% ordinary equity stake, along with the support of an experienced business mentor to guide them as they develop their business. Following on the huge interest in this first fund, Enterprise Ireland has recently expanded its offer with a second fund (Competitive Start Fund) that is also open to software companies in the games, telecoms, software as a service (SaaS), cloud computing and enterprise software sectors.




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Commenting on the announcement, Frank Ryan, Chief Executive Officer of Enterprise Ireland, said: "We see this fund as a strategic investment in the future of Ireland's internet and games industry. Under our Software Strategy, we want to further stimulate the emergence of internet based companies in Ireland and to broaden their international base and scale. This new fund is getting critical early stage finance to some of Ireland's newest and most exciting internet and games entrepreneurs to help them validate their market and successfully grow their business."



Speaking after meeting each of the companies to discuss their plans, Richard Bruton TD, Minister for Jobs, Enterprise and Innovation, commented: "We know that very early stage companies can face difficulties in raising external financing, which is why the Government is fully committed to providing funding for start ups and in a manner that meets their needs. That is what this Enterprise Ireland fund is all about - getting vital start up funding and supports into companies at that critical early stage, when they most need it."


The Minister added: "The ingenuity and creativity of young Irish entrepreneurs will drive our recovery. As a government we are determined to help committed young companies with good ideas to succeed. The buzz created by these ten companies expresses great confidence for the future."






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