Despite the uncertainty that surrounds the Irish economy, the business sector of Ireland has been expanding far beyond previous years capacity, with little promise of slowing down. A large part of this is due to the increased investment by both national and internationally based companies in their Irish based assets.
Additionally, many companies have become increasingly interested in the business and technological advancements that are happening within the up and coming “silicon valley” of Ireland, located within the capital city of Dublin. The United States Silicon Valley Bank, a subsidiary of SVB Financial Group and one of the largest US high-tech commercial banks, has especially taken notice to these upcoming influential companies.
As a bank that focuses on lending to technology and biotechnology companies, it has made its mission to provide funding to all sizes of business in multiple different forms whether that be venture capital, revenue based financing, private equity, etc. The bank has stayed true to their mission since its debut, providing more than 30,000 start up companies with the funding they need to succeed.
The Silicon Valley Bank is still committed to this philosophy, again showing this through their recent investment. The SVB has just committed to providing $300 million (€266 million) in loans and credit capital to Irish technology and life sciences companies; all of these investments are to be backed by the Irish Strategic Investment Fund.
Some of the companies that funding has already been allocated to includes Accuris, AMCS, Boxever, Drop, Glofox, and Profitero among twenty three others. The bank plans on having its own credit line, worth €300 million, be developed over the upcoming 5 years. This investment in the Irish technology and biotechnology field is a huge asset to the bank as it begins to deepen and stabilize its influence on international funds.
This SVB started investing in Ireland in early 2012 thorough the Irish Strategic Investment Fund and has continued due to huge amounts of growth in their varied investments. There is a large hope that this new investment will continue to grow some of Dublin’s most influential startup tech companies.
Overall, this investment is coming at a time when there is a lot of uncertainty for these up and coming companies. This fact of the matter seems to have little impact on the bank’s faith that these companies will continue to grow their influence, and the bank’s investment, within the years to come.