Ireland is the latest of many countries that is putting a huge focus into investing in domestic AgTech plays in hope of driving industry at home and abroad.
Earlier this month the Ireland Strategic Investment Fund (ISIF) invested €40 million into two agtech funds, including launching a €20 million Ireland-focused agtech fund to be managed by Finistere Ventures. At the same time, ISIF has invested €20 million in Finistere’s second global agtech fund, which has closed at more than $100 million.
The Minister for Agriculture Food and Marine, Michael Creed TD said, “This investment by ISIF complements Government strategy set out in the Department of Agriculture Food and the Marine (DAFM) Foodwise 2025 strategy and many years of investment by Government in agricultural research and innovation in Ireland.”
Ireland already excels in the area of animal health and will focus some of its investment in that niche. However, thanks to the basically non-existent state of the Ireland AgTech sector, they expect a lot of early stages, seed, and series A round investments.
“We want Ireland to be the AgTech Island – a hub for European AgTech. All the ingredients are here – a longstanding, export-oriented Agri-Food industry; world-leading research at Irish universities and institutions such as Teagasc; and, of course, the thriving IT, biopharma and medtech sectors. AgTech is essentially the combination of all of these, so we see great potential for start-ups here.”
To read the Finistere news release with more quotes from the company about the goals for Ireland’s AgTech industry click here.