Interesting article by Adrian Weckler in yesterdays Irish Independent pointing out the chronic need for "Fresh Powder" in the Irish Seed Capital space.
Worryingly, when you analyse the figures produced by the Irish Venture Capital Association, it appears that effectively only €22 M was invested in Irish Fintech in 2014 to 2015.
This is simply not enough.
The IVCA Chairpersons stark announcement that "Existing Seed funds have run out of money" needs to be addressed by the new government as a matter of urgency.
The Irish Government cannot, on the one hand, identify Fintech as a cornerstone of its "Financial Strategy 2020" job creation program whilst at the same time failing to fund the individuals and companies which are needed to create those jobs.
Lets see some joined up thinking here- the old adage " you need to speculate to accumulate" comes to mind.
The figures show that early-stage startup money has fallen by a third in Ireland over the last year. Seed funding here dropped from €66.8m to €43.8m between 2014 and 2015, according to figures recorded by the Irish Venture Capital Association. And the investment ratio has fallen by over half (58pc) in the last five years. Investors say that the decline in seed financing is down to lack of State-backed seed funds. "Very simply, the existing seed funds have run out of money," said Regina Breheny, director general of the IVCA. After software, medical tech firms attracted the most overall funding here last year with €75.3m in venture capital. Financial technology came next at €68.1m, although this includes a €45.5m investment in Circle which is a US-based company that 'reversed' into Ireland for financial reasons.