Silicon Valley Bank (SVB) is planning to commit an additional $300 million in loans and credit facilities to fast-growing Irish technology and life science business over the next five years.
Last week SVB announced a continued relationship with the State’s Ireland Strategic Investment Fund (ISIF) to further boost lending in Ireland. The bank have a history of backing some of the worlds leading tech companies.
The agreement between the specialist California lender and the State development fund is being unveiled Wednesday in a ceremony involving Finance Minister Paschal Donohoe.
In 2016, Silicon Valley Bank announced plans to increase its lending commitment from $100m to $200m over five years to Ireland’s innovation sector, in collaboration with ISIF.
Minister Donohoe said Silicon Valley Bank’s deepening commitment to Irish companies “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.”
It said that “due to the strength” of the Irish tech sector, it had already exceeded this initial target, reaching $226 million in loan commitments to Irish technology and life science companies by the end of 2018.
“The Irish government, and particularly the ISIF, have been excellent partners to SVB and we thank them for their continued relationship,” said the president of EMEA and head of SVB’s UK Branch, Erin Platts.
“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,” she added.
Combined with the 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 by 2024.
SVB has already backed 29 Irish businesses – including the likes of Accuris, Atlantic Therapeutics, Boxever, Glofox and Profitero.
“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,” mentioned the senior investment director for private equity and venture capital at ISIF, Fergal McAleavey.
Source: Fora.ie