WDC Investment Fund
The WDC Investment Fund (WDIF) plays a unique role in funding businesses, community initiatives and ‘flagship’ projects in the Western Region. It invests directly in sustainable projects, many of which may be experiencing a funding gap. The WDC looks for a financial return on its investments.
The fund provides seed and venture capital or loans to projects and businesses in the Western Region. Investments are made by the WDC on a commercial basis by way of ordinary share capital, preference share capital and loans, or a combination of these mechanisms. The WDC does not provide grant aid.
Bridging the gap
A serious funding gap can exist for business and community projects in the Western counties. Some projects fail to get off the ground or grow because there is a shortfall in the combined monies available from the promoter, the private sector and other public sector sources. This is where the WDC Investment Fund can make a crucial intervention – it can fill that gap by providing investment equity and/or loans. It will also tailor funding packages to suit individual project needs.
The WDC Investment Fund can now invest up to €1 million in any one project and provide further follow-on tranches.
What kind of projects does the Western Investment Fund invest in?
The WIF is divided broadly into three funds:
- A Venture Capital Business Fund which provides loans and equity to high growth enterprises. It has already funded projects in areas such as biotechnology, medical devices, tourism infrastructure and software development.
- The Strategic Investment Fund which targets flagship projects and initiatives that would have a major impact on the region, such as Knock Airport.
- The Local Investment Fund provides loans to community enterprise groups and has invested in projects ranging from a children’s play area, to a company providing home services for the elderly and disabled, a waterworld project and a community enterprise centre.
The WDC is interested in investing in projects from the following sectors:
- Creative Industries
- Information & communications technology.
- Life Sciences & medical devices.
- Manufacturing and internationally traded services.