Press Release 17 Sep 2013

IDA Ireland, the Irish Government’s foreign investment agency, is set to deepen its relationships with global venture capital (VC) companies during engagements organised in Ireland as part of this week’s UK & Ireland Tech Tour, which brings together leading VCs and emerging technology firms.

Some of the world’s largest VCs have invested in a range of emerging companies with growing operations in Ireland. IDA intends to further develop relationships with US, European and Asian VCs in coming months, highlighting to them the advantages of Ireland for companies that want to scale up rapidly. This week’s UK & Ireland Tech Tour will showcase Ireland’s offering to portfolio managers in many of the world’s leading venture capital companies. 

IDA is among those sponsoring this week’s UK & Ireland Tech Tour, which involves 27 privately-held companies being introduced to key investors and professionals. The event is taking place in Dublin between September 17th and 20th, and An Taoiseach Enda Kenny will speak at a gala dinner held by the organisation.

Currently over 1,000 companies have chosen Ireland as their strategic European base. The trend of emerging, high growth companies from outside Ireland setting up operations here is accelerating. Recent arrivals include Squarespace, Engine Yard, Ancestry, Indeed, Hubspot and Zendesk.

Ireland offers a unique opportunity to scale fast growth early-stage emerging companies. Etsy, an e-commerce website buying and selling handmade and vintage goods, is an example of a company experiencing growth in the EMEA region. Etsy is funded by a number of high profile venture capital companies, such as Union Square Ventures, Accel Ventures and Index ventures. For these VCs, Etsy’s speedy and efficient start-up of its European HQ brings value to Etsy’s global business.

Union Square Ventures also invested in several successful companies who have now made the move to Ireland such as Indeed.com (a worldwide jobs search portal) and 10gen (a leading NoSQL database provider)

Commenting, Barry O’Dowd, Head of IDA’s Emerging Business Division said:
``The business models of all VCs involve investing in leading edge companies with a clear plan to scale up rapidly, and often internationally. Ireland helps those companies, and their VC backers, to achieve these ambitions. As a result IDA has set an ambitious programme in coming months to engage even further with this community, and that includes this weeks Tech Tour’’.

Details of the UK & Ireland Tech Tour can be found at: http://www.techtour.com/UK--Ireland-Tech-Tour-2013/Overview.htm

For further information, contact:
Gillian Lawless, Emerging Business Division, IDA Ireland:  (00353) 87 9050699

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