02 Jul, 2024

Securing Enterprise Ireland PSSF funding to accelerate business growth

One of the main barriers to success for early-stage start-ups is securing access to finance to support them as they look to establish a saleable minimum viable product (MVP) and achieving initial sales. Recently we collaborated with an agtech business, as we supported them in applying and securing funding from the Pre-Seed Start Fund (PSSF) from Enterprise Ireland (EI).

The PSSF has replaced the former Competitive Start Fund (CSF) and has been designed to offer greater financial support through the introduction of Convertible Loan Notes (CLN) of up to €100k to eligible businesses. Companies can apply for either €50k or €100k alongside receiving mentoring, market research services and the support of an Enterprise Ireland Development Adviser. The fund aims to help business achieve key milestones in three crucial areas; technical development, commercial progress and fundraising which are essential for accelerated growth.

Collaborating with our client, we developed the business plan which provided detailed market research on the product, team, opportunity, and the support need to accelerate the company’s growth. The plan was underpinned by comprehensive financial projections and interrogations which outlined the profitability of the business. The final component of the project was the creation of an investor-style pitch deck which summarised the business plan and emphasised the key opportunities and support areas required.

The PSSF funding can be drawn down in two separate tranches of €50k provided certain criteria outlined by Enterprise Ireland are met. The fund can be used to create enhance the MVP, allow companies to cover operational costs of key tasks required to achieve the required growth, cover costs associated with developing the business plan. Additionally, it can help advance key technical, commercial and fundraising milestones.

We assist our clients in securing financial support from LEADER, Local Enterprise Offices (LEO) and Enterprise Ireland. By collaborating with our clients we identify and recommend potential supports suited to their business needs. After initial introductions, we work closely with our clients to support their applications and help them to execute their business plans to achieve key milestones. Our experience includes successful applications for LEADER funding, Business Expansion Grants from LEO and securing High Potential Start-Up investment from Enterprise Ireland.

Oisin Gryson

Talk to Oisin Gryson

Food & AgriBusiness Executive01 4551036oisingryson@ifac.ieLinkedin