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Innovation Fund Ireland
Innovation Fund Ireland is a government-backed fund-of-funds that anchors VC managers into the Irish market, deploying over EUR 68 million since 2011.
Innovation Fund Ireland
The fund is part of Ireland's economic recovery plan, investing in start-ups as outlined in the country's economic strategy.
General information
Firm type
Government / Public Body
Year founded
2011
Location
Region
Europe
Country
Ireland
City
Dublin
Corporate office
Dublin, Ireland
Principals
Deirdre Mortell
CEO, Rethink Ireland
Sector focus
Frequently asked questions
How does Innovation Fund Ireland invest its capital?
It operates strictly as a fund-of-funds, committing as a limited partner in venture capital funds. The program requires fund managers to raise matching private capital and establish an office in Ireland, with the capital reserved for Irish start-ups or firms relocating significant operations there (per the firm's published mandate).
Who runs investment decisions at Innovation Fund Ireland?
Investment decisions originated from the National Treasury Management Agency (NTMA) acting as manager for the NPRF, and now fall under the Ireland Strategic Investment Fund (ISIF). ISIF manages the due diligence, commitment, and monitoring of the underlying fund relationships under a commercial mandate from the state.
What is the relationship between Innovation Fund Ireland and ISIF?
Innovation Fund Ireland was initially funded by the National Pensions Reserve Fund (NPRF). After the NPRF was dissolved, its assets and mandates, including the Innovation Fund Ireland program, were transferred to the Ireland Strategic Investment Fund (ISIF), which now administers the portfolio.
Is this an equity fund or a grant-making body?
It is a commercial equity fund-of-funds, not a grant agency. It takes LP stakes in private venture funds and expects a commercial return, though its primary mandate is to catalyze the domestic venture ecosystem by solving a growth-capital market gap.
Does the fund make direct investments in companies?
No. Innovation Fund Ireland does not invest directly in companies. It anchors venture capital firms that then deploy into individual start-ups, using a structure that multiplies state capital with private institutional commitments.
How is Innovation Fund Ireland related to Rethink Ireland?
Rethink Ireland is a separate charitable organization, formerly called the Social Innovation Fund Ireland, which deploys philanthropic and government funds into non-profit social enterprises. Deirdre Mortell, Rethink Ireland's CEO, is a related business partner in the broader state innovation funding ecosystem, but the two funds operate independently with different capital sources and mandates.
What acted as the catalyst for creating this fund?
A government task force on innovation identified a persistent funding gap in 2010. Irish start-ups could raise seed rounds from Enterprise Ireland and angel networks, but scaling companies lacked access to domestic Series A and B venture capital, forcing many to either stall or relocate to raise growth funding abroad.
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