Ten companies awarded Internet and Games Competitive Start fund

Ten companies have been awarded funding under Enterprise Ireland’s new Internet and Games Competitive Start Fund, it was announced.

There were 120 applicants for the funding, with ten chosen from them based on their strong potential to trade their business internationally.

The companies’ product ranges include games, game engines, consumer service and telecommunications.

“‘The ingenuity and creativity of young Irish entrepreneurs will drive our recovery,” said the Minister for Jobs, Enterprise and Innovation, Richard Bruton.

“The buzz created by these ten companies expresses great confidence for the future. As a government we are determined to help committed young companies with good ideas to succeed.”

Enterprise Ireland set up the fund for very early stage companies at the critical product market fit stage of their products.

The ten companies will receive €50,000 for a 10pc ordinary equity stake along with support of a business mentor to guide them.

Investing in Ireland’s gaming industry

Enterprise Ireland has expanded its offer with a second Competitive Start Fund which is open to software companies in the gaming, telecoms, software as a service, cloud computing and enterprise software sectors.

‘We see this fund as a strategic investment in the future of Ireland’s internet and games industry,” said Frank Ryan, Chief Executive Officer of Enterprise Ireland.

“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,” he said.

Minister Bruton emphasised the the government is fully committed to providing funding to start ups which suits 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,” said Minister Bruton.

“We know that very early stage companies can face difficulties in raising external financing, and we are determined to ensure that there is greater support for them to help them bridge this gap.”