Enterprise Ireland (EI) has launched a new fund that is designed to support promising fintech startup companies from all over the world. The fund is based on an investment strategy that made EI the second biggest fintech backer in the world.
The agency invested in over 23 companies in 2017, while its biggest competitor, US-based Y Combinator has backed 29 companies. In total, EI has investments in over 200 fintech startups, with an estimated value of €1 billion as of 2016.
The new fund was revealed at the Future of Fintech event in Dublin. Each chosen startup will receive €50,000 in investments every year.
The €50,000 funding is the same value that startups received from EI in previous years. Senior advisor Eoin Fitzgerald stated that the launching of the new fund will be helpful for startups seeking to advance in the fintech sector.
“The fund is designed to enable recipient companies working in areas including fintech, artificial intelligence, machine learning, augmented and virtual reality, the internet of things, blockchain, and cloud, to reach key technical and commercial milestones. The launch of this new fund reflects the strategic importance of these sectors for Ireland, and their potential to deliver export and jobs growth.” Switzerland is very important for venture capitalists like EI to further fintech. Read more from insidebitcoins.com…
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