Press Release: Europe’s 3rd Largest VC Bets on North America Growth
Enterprise Ireland confident in North America for portfolio companies
As markets sway in a year of major elections across Europe, the continent’s third largest venture capital entity is betting on North American growth for its portfolio companies. Enterprise Ireland, a government agency responsible for the development of Irish businesses in world markets and Europe’s third largest venture capital entity by deal count, is currently invested in 1,300 start-up and mature businesses, 700 of which operate in North America.
Enterprise Ireland recently announced growth targets for 2020, including a threefold increase in the overseas presence of its client companies. Many of their client companies will be encouraged to reduce risk by looking beyond traditional markets, such as the UK, and to diversify their exports into high growth markets such as the US and Canada. North America is currently Ireland’s second largest export market, and is becoming increasingly significant for Irish businesses as demonstrated in 2016 when exports grew by 19 per cent to €3.74bn.
“The North America market for technology and engineering firms is strong and only getting stronger,” said Sean Davis, Regional Director North America, Enterprise Ireland. “Our portfolio companies have each been evaluated on the unique value that they could potentially provide customers in the respective vertical markets of this region and we’re seeing considerable growth in these businesses as a result.”
Successful Enterprise Ireland-backed business enjoying North America growth include:
Allergy Standards: A global certification and licensing body that prepares independent standards for testing a wide range of consumer products to be certified asthma & allergy friendly®. Just last month, Allergy Standards announced their partnership with Fortune 500 building materials manufacturer Owens Corning for their line of certified home insulation.
NewsWhip: A marketing technology company that tracks and predicts content performance across social media. Newswhip has an office of 16 people in New York City and is expanding rapidly, having secured $6 million in funding in January 2017.
Cora Systems: A leading provider of enterprise project and portfolio management solutions that power transformation programs for large-scale global organizations and government agencies. Cora Systems solutions are used across multiple industries including Life Sciences, Healthcare, Engineering & Construction, Enterprise Project Management Office and Public Sector; client roster includes Boston Scientific, Honeywell Building Solutions and City of London. They have offices in the USA, UK and Ireland.
About Enterprise Ireland
Enterprise Ireland is the Irish State agency that works with Irish enterprises to help them start, grow, innovate and win export sales in global markets. Enterprise Ireland partners with entrepreneurs, Irish businesses, and the research and investment communities to develop Ireland’s international trade, innovation, leadership and competitiveness. In this way, we support sustainable economic growth and regional development, and help create and sustain employment in Ireland. www.enterprise-ireland.com