AIB launches second technology fund

AIB Capital Markets has teamed up with Enterprise Ireland to establish a E25m early stage technology fund.

AIB has launched a new E25m Early Stage Technology Fund, the AIB Equity Fund 2002. The fund is a joint initiative between AIB Group and Enterprise Ireland acting under the government’s National Development Plan.

AIB was the first Irish financial institution to launch a dedicated Technology Fund, launched in October 2000, to assist the growing IT market in the Republic. Jim Pender of AIB Capital Markets added “Our new fund will again be aimed at providing early stage finance to people with good technology ideas.”

Donal Forde, managing director of AIB Bank, said he believed the fund was necessary to support the needs of current and prospective clients. “From our experience with the first Fund, there is a definite need for early stage funding, particularly outside the Dublin area.”

AIB Capital Markets division comprises the Treasury and International, Investment Banking and Corporate Banking activities of the group. The firm is based at AIB’s International Financial Services Centre in Dublin.