Startups, get your pitches ready – 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 businesses over the next five years.
This morning that bank, which has backed some of the world’s top tech companies, announced a continued relationship with the State’s Ireland Strategic Investment Fund (Isif) to further boost lending in Ireland.
In 2016, SVB announced plans to increase its lending commitment from $100 million to $200 million over five years to Ireland’s innovation sector, in collaboration with Isif.
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,” Erin Platts, the president of EMEA and head of SVB’s UK Branch, said.
“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,” Fergal McAleavey, the senior investment director for private equity and venture capital at Isif, said.