Western Development Commission’s investment milestone

The WIF is unique in Ireland as an evergreen investment fund, where all returns are reinvested into new start-ups and scale-ups.

Since its establishment, the fund has more than tripled in size, and this €100 million milestone represents the fourth full revolution of the original exchequer funding received.

To date, WIF investment has leveraged over €1 billion in additional public and private capital, a tenfold multiplier effect that has significantly strengthened the enterprise landscape of the West.

WIF portfolio companies and projects now employ more than 5,000 people directly and indirectly, have generated over €5 billion in revenues, half of which are exports.

Supported companies have collectively invested €650 million in R&D, underscoring the growing innovation capacity of the region.

The WIF is a multi-faceted fund, providing both venture capital to high-potential SMEs, and social finance to social enterprises and community-led development projects that support inclusive regional growth.

Representative investments include innovative SMEs such as Aerogen whose technology has treated 75 million patients worldwide and developed the world’s first inhaled vaccine – and Altocloud which was acquired by Genesys and now have their global headquarters for Generative AI Galway.

It also includes social enterprises including An Meitheal Rothar, a not-for-profit co-operative and sustainable business.

And it embraces community projects such as enterprise centres, creative hubs, and renewable energy co-operatives, which strengthen local economies and social infrastructure.

An example is CREW (Creative Enterprise West), based in Galway focused on supporting enterprises in the creative technology sector is a flagship project of the WDC.

Minister for Rural and Community Development and the Gaeltacht Dara Calleary welcomed the announcement.

“The WIF has been providing equity finance and loans to businesses, communities, social enterprises, strategic initiatives, and the creative industry to enable them to establish themselves and grow in the Western Region for over 25 years,” he said.

“It has become a vital engine for sustainable economic development in the West and is an example of what regionally focused investment can achieve.

It has helped hundreds of businesses and community projects from Donegal to Clare, and this €100 million milestone demonstrates the real and lasting impact of the Fund,” he added.

CEO of Western Development Commission Allan Mulrooney, said that the WDC’s new strategy, Unlocking Potential, Driving Change, marked an ambitious next chapter for the Investment Fund.

“Over the next five years, we will invest an additional €35 million across 100 projects, driving innovation, sustainability, and competitiveness across the Western Region,” he said.

“Our focus is on building a stronger, more resilient regional economy that continues to deliver long-term growth and opportunity for the West and Northwest,” he added.

Pictured: Milestone moment...Allan Mulrooney CEO of WDC, TD Dara Calleary Minister for Rural and Community Development and the Gaeltacht, Gillian Buckley Head of Investment, WDC.