Silicon Valley Bank to invest up to US$100 million in Ireland startups


Reuters

DUBLIN–SVB Financial Group’s banking unit Silicon Valley Bank said it plans to lend US$100 million to the Irish innovation sector, in a tie-up that will see the National Pensions Reserve Fund (NPRF) invest in the company’s funds.

Silicon Valley Bank (SVB), which announced last week that it would open its first international branch in London, will invest in Ireland’s technology, life science, clean-tech, private-equity and venture capital businesses over the next five years.

Dublin has succeeded in attracting tech giants such Google, and Intel and Facebook thanks to its low corporate tax rate and educated, English-speaking workforce, creating a hub for technology companies, one of the few bright spots in a struggling economy.

The government’s growth strategy is focusing on export sectors with high growth potential, such as technology and life sciences, to help to prop up an economy struggling with shrinking domestic demand.