Tuesday, May 28, 2024

Enterprise Ireland invested €24m into Irish start-ups in 2023

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The companies supported by the state agency included 85 high potential start-ups. A further 71 received pre-seed start fund investments which provide early stage funding to new businesses.

More than half of the companies supported by Enterprise Ireland were located outside of Dublin, while 45 start-ups led by women were approved for investment in 2023.

Enterprise Ireland reported that 12 had emerged from academic research, while 26 were spun out of third level institutions.

A total of 16 of these were supported through the Enterprise Ireland Commercialisation Fund Programme. This fund supports third-level researchers to transform their work into products, services and companies.

Enterprise Ireland also takes equity stakes in companies through its Competitive Start Fund (CSF) and High Potential Start-Up (HPSU) funding, alongside the Department of Enterprise.

“We will continue to help drive the success of the most forward-thinking Irish companies, enabling start-ups to thrive and influence the future of global business – cementing Ireland’s reputation as a prime hub for international trade,” said Enterprise Ireland chief executive Leo Clancy.

He was speaking as more than 600 delegates, including entrepreneurs and representatives from early stage businesses and companies supported by the state agency, attend the Enterprise Ireland Start-Up Day event at Dublin Castle today.

“Ireland’s open economy is built on resilient, internationally focused and productive Irish enterprises,” said Minister of State for Trade Promotion, Digital and Company Regulation, Dara Calleary.

“This is vital to the future growth of the Irish economy, supporting livelihoods and contributing to prosperity throughout the country.”

Around 225,495 people were employed at Irish companies backed by Enterprise Ireland last year.

Firms supported by Enterprise Ireland created 15,530 new jobs in 2023, down from the 19,660 new positions reported in 2022.

The state agency reported that there was a positive net jobs results of 5,011 when job losses are included. This was down from the net figure of 10,841 reported in 2022, with Enterprise Ireland describing 2023 as a “very challenging year” for companies.

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