Silicon Valley Bank has committed an additional $100 million to the Irish innovation sector, after pledging $100 million over five years in June 2012. The new partnership between the bank and the Ireland Strategic Investment Fund is aimed at supporting the technology economy in Ireland.

As part of the agreement, Silicon Valley Bank will lend to Irish technology companies, with the Strategic Investment Fund helping to identify potential lending clients in niche sectors, as well as investing in funds managed by SVB Capital.

Since the first investment in 2012, 15 Irish companies have benefitted from the commitment, including Accuris, Boxever, Clavis Insight, Movidius and Profitero. The initial deal was completed with the Irish Strategic Investment Fund’s predecessor, the National Pensions Reserve Fund.

Phil Cox, president of EMEA and head of Silicon Valley Bank’s UK branch, said: “We’re pleased to have met so many fantastic entrepreneurs in Ireland over the last four years, and are looking forward to expanding our relationships with Irish innovators with this new financial commitment. We’d like to thank the Irish government and particularly the Ireland Strategic Investment Fund for their support, collaboration and proactive approach to building the innovation economy locally.”

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