MAVA Member Silicon Valley Bank to invest $100m in Irish tech firms
Silicon Valley Bank (SVB) is to invest $100m more in Irish technology and life science businesses over the next five years. The move is an extension of the bank’s existing collaborative relationship with the Ireland Strategic Investment Fund (ISIF). Four years ago, SVB partnered with ISIF’s predecessor, the National Pension Reserve Fund, and promised to put $100m over the following five years into emerging tech firms here. Among the 15 companies to benefit since are businesses like Accuris, Clavis Insight, Movidius and Logentries.
The relationship between the two organisations involves ISIF helping SVB to identify suitable tech firms to invest in. ISIF also invests in funds which are managed by SVB Capital. As part of the growing connection with Ireland, SVB has established an office in Dublin and has appointed a new director of Irish Business Development. Established three decades ago and based in Santa Clara, Silicon Valley Bank’s parent, SVB Financial Group, offers commercial and private banking, asset management, private wealth management, brokerage and investment services, funds management and business valuation services.