161 start-ups backed by Enterprise Ireland

The Government invested €27 million in Irish start-ups and supported a total of 161 start-up companies in 2022, including a large number from Cork.

28 start-ups from the south and south-east region were supported by Enterprise Ireland in 2022 with 50% of the start-ups located outside Dublin.

The money was invested by the Department of Enterprise Trade and Employment working with Enterprise Ireland - the agency responsible for the development and growth of Irish companies in global markets.

Investment was dispersed via Enterprise Ireland’s programmes - High Potential Start-Up (HPSU), Competitive Start Fund (CSF) and Pre-Seed Start Fund.

Start-ups supported by Enterprise Ireland in 2022 include:

- 91 high potential start-up (HPSU) investments - start-up businesses with the potential to create 10 jobs and €1 million in sales within three years of starting up

- 44 pre-seed start fund investments, which inject critical early-stage funding into new businesses

- 16 competitive start fund (CSF) investments

- 10 pre-HPSU start-ups

- 50% of the companies supported were outside Dublin

- 58 women-led start-up companies were approved investment

- 13 HPSUs emerged from academic research

600 delegates attended the Enterprise Ireland Start-Up Showcase recently in the RDS which brought together the class of 2022 start-up companies and the wider start-up ecosystem including investors, State agencies and start-up accelerators.

For the first time, the event also played host to technology-based companies who have their roots in state-funded research. In 2022, 24 companies were spun out of third level institutions, supported through the Enterprise Ireland Commercialisation Fund Programme.

Speaking at the event, Minister of State for Trade Promotion, Digital and Company Regulation, Dara Calleary TD, said: “I wish to congratulate the start-up class of 2022 for their achievements to date and for having the ambition to take the brave leap to start a new business. The Government’s recently published White Paper on Enterprise provides a framework for enterprise policy out to 2030 and sets out my department’s priorities around enhancing the environment in which companies operate.

“My department working with our agency Enterprise Ireland supports entrepreneurs and start-ups with the ambition to grow their business in global markets and late last year we introduced the new Pre-seed Start Fund to support the specific early-stage funding needs of start-up companies. There has been a very positive response to the first call.”

Minister of State for Employment Affairs and Retail Business, Neale Richmond TD said: “2022 was a strong year for Ireland’s start-up economy with extraordinary resilience and business ambition displayed from Irish-founded start-up teams. Ireland’s open economy is built on resilient, internationally focused and productive Irish enterprises.”

Kevin Sherry, Executive Director, Enterprise Ireland said: “A strong start-up eco-system is vital to the future of Ireland. Start-ups are a powerful driver of economic growth, new talent and innovation. At Enterprise Ireland we are committed to helping founders to start and grow their business internationally.

“2022 was a successful year for Irish start-ups across a range of sectors. 36% of the start-up businesses supported in 2022 were founded by women, the highest ever. The class of 2022 will serve as role models for new founders.”