Seed Capital / Venture Philanthropy
Venture philanthropy takes concepts and techniques from venture capital finance and high technology business management and applies them to achieving philanthropic goals.
Following the signing of the Strategic Alliance between NUI Galway and University of Limerick, Galway University Foundation has agreed, on behalf of NUI Galway, to participate in the Bank of Ireland Seed and Early Stage Equity Fund. This decision supports NUI Galway's strategic objective of contributing to the revitalisation of the Irish economy by assisting the translation of its research outputs into innovative products, processes and services.
This €32m Fund will invest in start-up and early stage companies, with a focus on export orientated high potential start-up companies that operate in the technology (including green technology), food and financial services sectors, in addition to supporting patent and patent pending projects within Irish universities.
€10M of the fund has been specifically allocated to the Bank of Ireland MedTech Accelerator Fund, Ireland's first Seed Fund to focus exclusively on the indigenous medical technology sector. With investments ranging from €100,000 to €500,000, the Fund is focused on export orientated high potential start-up Life Sciences companies that operate in the medical device, diagnostics or medical/laboratory sectors.
The Seed Capital Fund will be managed on behalf of NUI Galway and the other partners by Kernel Capital. It comprises an investment by Bank of Ireland of €22m, €8m from Enterprise Ireland and €1m each by Galway University Foundation and University of Limerick Foundation.