There's a brand new fund for Irish gaming startups to dip into

ENTERPRISE IRELAND HAS revealed a brand new startup fund specifically catered for early-stage companies in a number sectors, including gaming and mobile app development.

The €500,000 competitive start fund, which is allocated in lots of €50,000, will be given to early-stage companies looking to develop products for international markets, with startups in cloud computing, life sciences and environmental tech also eligible to apply for the funding.

Last year, the worldwide gaming industry was estimated to be worth nearly $80 billion and Ireland already has a handful of startups in the space trying to take a slice of the pie.

Dublin-based games developer Digit Game Studios, which employs over 60 staff, had a hit title with its first mobile game, Kings of the Realm, and is currently developing a follow-up mobile game.

Another Irish company making waves in the gaming sector is software developer Artomatix, which automates the design of in-game art such as landscapes, terrain and characters. Earlier this year, the company was awarded EU funding to the tune of €2.5 million as part of the Horizon 2020 programme.

The announcement of this new fund from Enterprise Ireland follows a number of other new financing initiatives that have been announced by the state body, including a fund specifically tailored to back agribusiness startups.

The Digit Game Studios team

Funding drought

Despite venture capital investment in Ireland hitting record heights in recent years, Irish startups have bemoaned the lack of seed funding for early-stage companies.

However, earlier this month the new chairman of the Irish Venture Capital Association (IVCA), Michael Murphy, said that startups can expect a host of new seed funds to come on stream in the near future.

He said Enterprise Ireland’s recent commitment to inject €65 million into Irish venture capital seed funds is expected to have a multiplier effect in the investment industry.