Silicon Valley Bank specialises in finance banking for IT, life sciences and so-called clean technology. The bank has branches worldwide in Israel, India, China and now in the UK for whom they have been doing business with since 2004 through an affiliate.
Ireland has now crept within their radar, SVB sighting Ireland as ‘clean and green’ has proposed future investment in the Small Enterprise Market, with the development of companies specialising in life science, clean-tech, private-equity and venture capital.
In a statement by Phil Cox, head of UK operations, the said “The elements of an emerging and effective technology ecosystem are all around us – first class universities, an entrepreneurial and business ownership culture, investors, the emergence of technology clusters and the support for the sector within the UK government are all very positive indicators.”
While this is great news for tech companies in Northern Ireland as a UK member, there are plans to lend $100 million to Ireland’s techno start-ups in the future, by the Silicon Valley Bank, who are part of SVB Financial Group.
As part of a strategy to help identify the businesses, the National Pensions Reserve Fund (NPRF) to invest $50 million in a separate agreement, for technology-focused finds managed by SVB Capital.
Thanks to Ireland’s low corporate tax and educated, English speaking workforce, Ireland has already seen interest and growth for the economy with tech giants like Google, Intel and Facebook setting up a hub for technology companies within Dublin.
Contributed from Phil Cox’s statement, head of UK, Israel and India at the bank “The bank will target companies that have already secured early stage funding or where their product is getting some traction”, indicating towards companies who are currently through to an operational stage, with technology waiting to be developed and accelerated.
The Silicon valley bank’s UK operation has an impressive amount of good quality clients already, investing money into businesses such as music service Shazam, venture capital firms Index Ventures and Balderton Capital and chipmaker Icera among its UK client rostrum.
With Dublin already being a hub for technology, it might not be long before we see new companies emerge within our eco-hub as Ireland inches its way back towards the capital markets, hopefully the bank will start handing out its promotional gifts soon.