Ireland Strategic Investment Fund (ISIF) backs Silicon Valley Bank (SVB) as it announces intention to lend an additional $300 million to Irish technology businesses by 2024
  • Indigenous Businesses

Ireland Strategic Investment Fund (ISIF) backs Silicon Valley Bank (SVB) as it announces intention to lend an additional $300 million to Irish technology businesses by 2024

Ireland Strategic Investment Fund (ISIF) backs Silicon Valley Bank (SVB) as it announces intention to lend an additional $300 million to Irish technology businesses by 2024

• $300 MILLION CREDIT PIPELINE FOR IRISH TECH BUSINESSES ANNOUNCED

• IRELAND STRATEGIC INVESTMENT FUND (ISIF) BACKS SILICON VALLEY BANK (SVB) AS IT ANNOUNCES INTENTION TO LEND AN ADDITIONAL $300 MILLION TO IRISH TECHNOLOGY BUSINESSES BY 2024

• SVB TOTAL IRISH COMMITMENT TO IRISH TECH NOW OVER $0.5 BILLION.

The Ireland Strategic Investment Fund (ISIF) and Silicon Valley Bank (SVB), the bank of the world's most innovative companies and their investors, today announced that SVB will commit a further $300 million in loans and credit facilities to fast growing Irish technology and life science businesses over a five year period. Combined with the $226 million of loans and facilities already committed by SVB, the additional commitment could result in SVB providing over half a billion dollars in capital to the indigenous Irish technology market.

In turn, ISIF will continue to be a long-term funding partner of SVB Capital by assessing investment opportunities in its US-based fund-of-funds program, as it has since the establishment of the strategic relationship in 2012.

SVB first partnered with ISIF in 2012 when it announced plans to make up to $100 million in loans available for Irish tech companies. That figure increased in 2016 and the target set down then has been exceeded, with $226 million currently supporting a range of Irish technology and life science companies.

Twenty-nine Irish businesses have benefited from Silicon Valley Bank loans including Accuris, AMCS, Atlantic Therapeutics, Boxever, Clavis Insight, Drop, Glofox, Movidius and Profitero.

By supporting SVB in Ireland, ISIF ensures that indigenous technology and life sciences companies across Ireland have continued access to another important financing solution that helps them to scale and grow their businesses domestically and internationally.

Commenting on the increased financial commitment today, Erin Platts, President of EMEA and Head of Silicon Valley Bank's UK Branch, today 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.

John China, President of SVB Capital, added:

“The Irish innovation sector has experienced incredible growth since we began working with the Ireland Strategic Investment Fund in 2012. We’re proud to continue this great relationship and work with a growing roster of Ireland’s best tech companies.”

Minister Paschal Donohoe, Minister for Finance and Public Expenditure and Reform, said:

“Today’s announcement of the expansion of the existing partnership between the Ireland Strategic Investment Fund (ISIF) and Silicon Valley Bank is a concrete example of ISIF’s strategy to leverage into Ireland private sector investors willing to invest in innovative Irish start-ups to the benefit of the Irish economy. This investment shows the positive impact which ISIF can have on the indigenous technology and life science industry. I also have high hopes that this mutually beneficial relationship will also benefit indigenous start-up and growth companies thus furthering the resilience of the Irish economy.”

Fergal McAleavey, Senior Investment Director, Private Equity & Venture Capital at ISIF said:

“Our partnership with Silicon Valley Bank has resulted in over $200 million in new funding for Irish tech and life sciences companies since 2012. Extending our collaboration is great news for Irish companies in these sectors by giving them access to funding that will help them to grow and thrive. This commitment is fully aligned with ISIF’s strategic investment focus on supporting the growth of indigenous companies”.

One of SVB’s Irish client companies is Glofox. Based in St. William Street in Dublin, the firm creates specialist IT solutions for Gyms and Fitness Studios across the world.

Speaking today Conor O'Loughlin, CEO of Glofox, noted:

"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. Working with the SVB team has enabled us to access the financing we need and stay focused on the next stage of our business.