WHAT IS THE GROWTH FUND?
Social Innovation Fund Ireland’s Growth Fund seeks to support social innovations to achieve widespread impact, significant scale and transformative change in Ireland. Through the Growth Fund, we will provide bespoke support to social innovations who meet the criteria, as listed below, and are ready to secure significant growth capital to grow and deepen their impact over several years.
Applications to the Growth Fund are accepted twice yearly, during the months of July and January, and are open to existing Social Innovation Fund Ireland Awardees that meet the criteria listed below. Successful applicants will partner with Social Innovation Fund Ireland’s Business Development Team to secure private funds for an agreed growth capital fundraising target. If this is achieved, Social Innovation Fund Ireland will then provide an uplift on the capital secured and assign a dedicated team to support the organisation to achieve targets for scale and impact.
FoodCloud is the first organisation to receive investment from the new Social Innovation Fund Ireland Growth Fund. FoodCloud aims to double its impact over the next three years after securing significant investment from AIB, with part-matched funding from the Growth Fund. The Growth Fund is supported by the Department of Rural and Community Development from the Dormant Accounts Fund.
Over the next three years, AIB has committed to investing €500,000 per annum in FoodCloud. This will be further supported by financial and non-financial supports the value of €330,000 per annum for 3 years through our Growth Fund. The funding will be used to invest in the further development of FoodCloud’s bespoke technology platform, the expansion of FoodCloud Hubs and the development of new services to support the redistribution of surplus food. After a period of very fast growth over the last 5 years, this funding will allow FoodCloud to invest in future proofing of their bespoke retailer technology in Ireland, building a resilient tech solution that can support the projected growth in 2018-2020. The funding will also support the expansion of FoodCloud Hubs to deliver an improved service to both charity and Food Industry partners.
HOW TO APPLY
The Growth Fund January 2019 is closed for applications however The Growth Fund July 2019 is open until July 31st 2019. Visit www.socialinnovation.ie/growth-fund-july-2019/ for more information.
Growth Fund Criteria
To be eligible to apply for the Growth Fund your organisation must:
- Have graduated from a Social Innovation Fund Ireland Accelerator programme or completed 1 year of a Social Innovation Fund Ireland Gamechanger programme
- Have received a single Social Innovation Fund Ireland cash grant investment of at least €50,000 or have received any Social Innovation Fund Ireland cash grant investment with follow-on funding of at least €50,000
- Aim to secure funding of at least €150,000 per annum for 3 years.