Silicon Valley Bank and Ireland Strategic Investment Fund Reinforce Their Commitment to the Irish Innovation Sector; SVB Announces Intention to Lend an Additional $300 Million to Irish Technology Businesses by 2024, Bringing Total Irish Commitment to Over $0.5 Billion
Company news | July 3, 2019
Ireland Strategic Investment Fund Continues Long-Term Relationship with SVB
- Silicon Valley Bank has committed $226m to Irish companies since 2012
- Silicon Valley Bank now commits to lend an additional $300m over the next 5 years, bringing the total to $.5b to Irish innovation companies by 2024
DUBLIN, 3 July 2019 – Silicon Valley Bank, the bank of the world's most innovative companies and their investors, today announced a continued relationship with the Ireland Strategic Investment Fund to further boost lending to technology and life science companies in Ireland.
In 2016, Silicon Valley Bank announced plans to increase its lending commitment from $100m to $200m over five years to Ireland's innovation sector, in collaboration with the Ireland Strategic Investment Fund. Due to the strength of the Irish tech sector, SVB’s lending far exceeded this initial target, reaching $226m in loan commitments to Irish technology and life science companies by the end of 2018.
Today, Silicon Valley Bank plans to commit an additional $300m in loans and credit facilities to fast-growing Irish technology and life science businesses over the next five years, subject to its standard lending criteria, with the support of the Ireland Strategic Investment Fund. Combined with the $226m of loans and facilities already committed, the additional commitment could result in SVB providing over half a billion dollars in capital to the indigenous technology market by 2024.
Ireland Strategic Investment Fund’s continued relationship with SVB ensures that indigenous technology and life sciences companies across Ireland have continued access to another important financing solution that helps them to scale and grow their businesses domestically and internationally. As part of the collaborative relationship, the Ireland Strategic Investment Fund helps identify potential lending clients to SVB and also invests in funds managed by SVB Capital.
Commenting on the initiative, Erin Platts, President of EMEA and Head of Silicon Valley Bank's UK Branch, today said: “The Irish government, and particularly the Ireland Strategic Investment Fund, have been excellent partners to SVB and we thank them for their continued relationship. It is with their support and collaboration that we have met and worked with so many incredible Irish technology and life science companies over the last seven years. We’re excited to make this new financial commitment and support Ireland’s innovation economy.”
John China, President of SVB Capital, added: “The Irish innovation sector has experienced incredible growth since we began working with the Ireland Strategic Investment Fund in 2012. We’re proud to continue this great relationship and work with a growing roster of Ireland’s best tech companies.”
Twenty-nine Irish businesses have benefitted from Silicon Valley Bank loans including Accuris, AMCS, Atlantic Therapeutics, Boxever, Clavis Insight, Drop, Glofox, Movidius and Profitero.
Conor O'Loughlin, CEO of Glofox noted: "Silicon Valley Bank has been a great supporter of Glofox as we continue to grow and develop new solutions for our clients. Glofox was founded to help passionate fitness entrepreneurs be successful running their business and we needed a financial services provider that understood the complex needs and quick pace of founders and their growing startups. We found that partner in SVB. Working with the SVB team has enabled us to access the financing we need and stay focused on the next stage of our business.”
As part of this renewed commitment with ISIF, SVB Vice President Brian Geraghty has relocated back to Ireland from Silicon Valley Bank’s London office to further strengthen the Irish team.
Minister Paschal Donohoe, Minister for Finance and Public Expenditure & Reform, said: “Today’s announcement of the expansion of the existing partnership between the Ireland Strategic Investment Fund (ISIF) and Silicon Valley Bank is a concrete example of ISIF’s strategy to leverage into Ireland private sector investors willing to invest in innovative Irish start-ups to the benefit of the Irish economy. This investment shows the positive impact which ISIF can have on the indigenous technology and life science industry. I also have high hopes that this mutually beneficial relationship will also benefit indigenous start-up and growth companies thus furthering the resilience of the Irish economy.”
Fergal McAleavey, Senior Investment Director, Private Equity & Venture Capital, National Treasury Management Agency, said: “Our partnership with Silicon Valley Bank has resulted in over $200 million in new funding for Irish tech and life sciences companies since 2012. Extending our collaboration is great news for Irish companies in these sectors by giving them access to funding that will help them to grow and thrive. This commitment is fully aligned with ISIF’s strategic investment focus on supporting the growth of indigenous companies.”
About SVB Financial Group
For more than 35 years, SVB Financial Group (NASDAQ: SIVB) and its subsidiaries have helped innovative companies and their investors move bold ideas forward, fast. SVB Financial Group's businesses, including Silicon Valley Bank, offer commercial, private and investment banking, asset management, private wealth management, brokerage and investment services and funds management to companies in the technology, life science and healthcare, private equity and venture capital, and premium wine industries. Headquartered in Santa Clara, California, SVB Financial Group operates in centers of innovation around the world. Learn more at svb.com.
Banking services are provided by Silicon Valley Bank, a member of the FDIC. SVB Financial Group and Silicon Valley Bank are members of the Federal Reserve System. Silicon Valley Bank is not licensed in Ireland to undertake banking business in Ireland or to undertake any other regulated activity in Ireland.
SVB Financial Group UK Ltd is registered in England and Wales at Alphabeta, 14-18 Finsbury Square, London EC2A 1BR, UK under No. 5572575. SVB Financial Group and its subsidiary Silicon Valley Bank are members of the Federal Reserve System and Silicon Valley Bank is a member of the FDIC.
About the Ireland Strategic Investment Fund
The Ireland Strategic Investment Fund (€8.8 billion at end 2018)) has a statutory mandate to invest on a commercial basis in a manner designed to support economic activity and employment in Ireland.
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