UL in €26 million spin-off fund deal
The University of Limerick Foundation has agreed a strategic partnership with Bank of Ireland, Enterprise Ireland and Kernel Capital to launch a new fund for campus spin-outs.
Under the terms of the agreement, the foundation will contribute €1 million to the Bank of Ireland Seed and Early Stage Equity Fund, which will get €17million from Bank of Ireland and a further €8million from Enterprise Ireland.
The €26million fund will invest in campus spin-out and high-potential, export-oriented companies.
Investment amounts of between €100,000 and €400,000 will be made available to successful applicants in the technology, renewable, food and financial services sectors over four years.
‘‘A key challenge is translating research concepts into successful new products and services that will spark new growth and job creation opportunities and the Bank of Ireland Seed and Early Stage Equity Fund will greatly facilitate this,” said David Cronin, chief executive, University of Limerick Foundation.
Established in 1989,University of Limerick Foundation is the official fundraising body of the university. It raises funds through private individuals, institutions and business.
By year ending August 31, 2008, the foundation paid out €8.1million in research and development grants – a 271 per cent increase over 2007.
