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AIB launches Irish seed fund

Irish banking group AIB has launched a EUR30m seed fund in conjunction with Enterprise Ireland, the government body charged with supporting home-grown businesses, to encourage entrepreneurship in the country.

Each organization with be committing EUR15m to the fund, called AIB Seed Capital, the first such vehicle to be set up as part of Enterprise Ireland's Seed and Venture Scheme 2007 to 2012. Dublin Business Innovation Centre and Enterprise Equity will be managing the fund.

The typical investment size will be around EUR250,000 with the ability to go down to EUR100,000 if necessary. It is expected to make between 50 and 60 investments, with a particular focus on early-stage businesses in knowledge intensive sectors.