From left: Conor O’Loughlin, CEO of Glofox; Minister Paschal Donohoe, TD; and Fergal McAleavey, ISIF. Image: Fennell Photography
SVB and the ISIF reveal new credit pipeline for burgeoning Irish tech businesses.
The Ireland Strategic Investment Fund (ISIF) and Silicon Valley Bank (SVB) have today (3 July) announced that an additional $300m in loans and credit facilities will be made available to fast-growing Irish technology and life sciences businesses over the next five years.
Combining this latest cash injection with the $226m in loans and facilities that SVB has previously made available, this now means the firm could potentially provide more than half a billion dollars in capital to the indigenous Irish tech market.
In turn, the ISIF will press on with the funding partnership it has had with SVB Capital since 2012. Since that date, SVB has lent millions of dollars to 29 Irish tech and life sciences businesses including AMCS, Accuris, Atlantic Therapeutics, Glofox, Boxever, Diaceutics, Movidius, Profitero and more.
Commenting on the renewed financial commitment today, Erin Platts, EMEA president and head of SVB’s UK branch, said: “The Irish Government, and particularly the Ireland Strategic Investment Fund, have been excellent partners to SVB and we thank them for their continued relationship.
“It is with their support and collaboration that we have met and worked with so many incredible Irish technology and life science companies over the last seven years. We’re excited to make this new financial commitment and support Ireland’s innovation economy.”
Also on hand to celebrate the news was Conor O’Loughlin, CEO of Glofox, an Irish start-up that creates specialist IT solutions for gyms and fitness studios across the world. He said: “Silicon Valley Bank has been a great supporter of Glofox as we continue to grow and develop new solutions for our clients.
“Glofox was founded to help passionate fitness entrepreneurs be successful running their business, and we needed a financial services provider that understood the complex needs and quick pace of founders and their growing start-ups. We found that partner in SVB.”
