Innovative HPSU Fund (Equity)

Innovative HPSU Fund (Equity)

Funds Ireland innovation teams building equity and growth support for startups from proof to commercialization.

Enterprise Ireland (EI) is Ireland's national agency for developing Irish enterprise and is the primary state body supporting Irish companies with the ambition and potential to grow in international markets. The Innovative High Potential Start-Up (HPSU) Equity Fund is one of Enterprise Ireland's flagship equity instruments, targeting newly formed Irish companies that can demonstrate a credible path to employing ten or more people and generating annual sales exceeding EUR 1 million within three years of commencing trade. HPSU companies are formally classified by Enterprise Ireland as a distinct client category, and classification is a prerequisite for accessing equity investment; companies in this track receive a dedicated EI Development Adviser who coordinates the investment and support relationship. The fund operates on a rolling basis — there are no fixed application rounds or annual deadlines — with companies applying through their assigned adviser at the point of readiness.

The equity investment is structured as a minority stake taken by Enterprise Ireland in the applicant company, with individual investments up to EUR 1.2 million reported under this programme. Eligible applicants must be for-profit companies incorporated and operating in Ireland; sole traders, partnerships, nonprofits, and companies in difficulty are not eligible. To be assessed for HPSU status, a company must present a business plan demonstrating significant employment and revenue scale-up potential, international market ambition backed by evidence of demand, and a founding team with the capacity to execute. Applicants that also hold prior Enterprise Ireland equity investment — such as a Pre-Seed Start Fund or Competitive Start Fund award — may proceed to HPSU classification once they have drawn down at least six months of that earlier investment and can demonstrate satisfactory progress.

The application process begins with direct engagement with an Enterprise Ireland Development Adviser rather than an open online portal submission. The adviser reviews the business plan, supports due diligence preparation, and presents the investment proposal to the relevant Enterprise Ireland approval committee. Because the fund is rolling, timing is driven by the company's commercial readiness rather than a fixed schedule. Companies classified as HPSU Accelerate — those already holding an EI equity investment — that also wish to access PhDStart salary co-funding must have at least five full-time employees in Ireland at the time of application, ensuring the equity investment has translated into real employment before additional public subsidy is layered on.