Enterprise Ireland Invest €27 million in Irish start-ups in 2022

By Steven Galvin - Last update

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The Department of Enterprise Trade and Employment working with Enterprise Ireland it’s agency responsible for the development and growth of Irish companies in global markets, invested €27 million in Irish start-ups and supported a total of 161 start-up companies in 2022. Investment was provided through Enterprise Ireland’s programmes – High Potential Start-Up (HPSU), Competitive Start Fund (CSF) and Pre-Seed Start Fund.

Start-ups supported by Enterprise Ireland in 2022 include:

  • 91 High Potential Start-Up (HPSU) investments – start-up businesses with the potential to create 10 jobs and €1 million in sales within three years of starting up.
  • 44 Pre-Seed Start Fund investments, which inject critical early-stage funding into new businesses.
  • 16 Competitive Start Fund (CSF) investments.
  • 10 pre-HPSU start-ups.
  • 50% of the companies supported were outside Dublin.
  • 58 women-led start-up companies were approved investment.
  • 13 HPSUs emerged from academic research.

600 delegates attended the Enterprise Ireland Start-Up Showcase recently in the RDS which brings together the ‘Class of 2022’ Start-Up companies and the wider Start-Up ecosystem including investors, State agencies, and Start-Up accelerators.

In addition, and for the first time, the event also plays host to technology-based companies who have their roots in state-funded research. In 2022, 24 companies were spun out of third level institutions, supported through the Enterprise Ireland Commercialisation Fund Programme.

This year, the event marks the start of Enterprise Ireland’s ‘Summit’ week, which celebrates Enterprise Ireland’s 25th anniversary. Summit week is bringing together Irish businesses from a broad range of sectors, Enterprise Ireland’s global team and key stakeholders to discuss the progress of Irish enterprise and its current and future impact for the benefit of both economy and society.

Speaking at Enterprise Ireland’s Start-Up Showcase event in the RDS, Minister of State for Trade Promotion, Digital and Company Regulation, Dara Calleary TD, said:

“I wish to congratulate the start-up class of 2022 for their achievements to date and for having the ambition to take the brave leap to start a new business. The Government’s recently published White Paper on Enterprise provides a framework for enterprise policy out to 2030 and sets out my Department’s priorities around enhancing the environment in which companies operate.

“My Department working with our agency Enterprise Ireland supports entrepreneurs and start-ups with the ambition to grow their business in global markets and late last year we introduced the new Pre-seed Start Fund to support the specific early-stage funding needs of start-up companies.

“There has been a very positive response to the first call, and this is just one of a series of specific targeted initiatives which my Department through Enterprise Ireland is taking as part of its strategic ambition to encourage and support an increased number of new high growth start-up companies in Ireland.”

Closing the event Minister of State for Employment Affairs and Retail Business, Neale Richmond TD said:

“2022 was a strong year for Ireland’s start-up economy with extraordinary resilience and business ambition displayed from Irish-founded start-up teams. This is reflected in each and every one of the 161 start-ups represented today.

“Ireland’s open economy is built on resilient, internationally focused and productive Irish enterprises. These are critical to the Government’s policy on regional development and are vital to the future growth of the Irish economy, supporting livelihoods and contributing to prosperity throughout the country.

The entrepreneurs and innovation on show here today will continue to be the driving force behind the growth in employment levels across all regions as well as export growth and I wish them every success for the future.”

Kevin Sherry, Executive Director, Enterprise Ireland said:

“A strong start-up eco-system is vital to the future of Ireland. Start-ups are a powerful driver of economic growth, new talent and innovation. At Enterprise Ireland we are committed to helping founders to start and grow their business internationally. The Start-Up Showcase is a great opportunity to celebrate our future enterprise leaders and their businesses as they are the lifeblood of our economy.

“Emerging from the global pandemic, 2022 was a successful year for Irish start-ups across a range of sectors including ICT, medtech, fintech, food and manufacturing. We also saw a strong performance by start-ups setting up outside of Dublin. Furthermore, 36% of the start-up businesses supported in 2022 were founded by women, the highest ever which further supports Enterprise Ireland’s strategy to increase the participation of women in entrepreneurship and business leadership. The class of 2022 will serve as role models for new founders who have the determination and resilience required to get their enterprises up and running.”

The Start-Up Showcase 2023 Directory is available to download here

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Steven Galvin

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