Western Investment Fund reaches €100 million milestone

THE Western Development Commission’s (WDC) Western Investment Fund (WIF) has reached a major milestone, having now invested €100 million across more than 350 SMEs, social enterprises, community projects and strategic regional initiatives throughout the western region.

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, and 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; Altocloud which was acquired by Genesys and now have their global headquarters for Generative AI Galway; social enterprises including Lough Ree Access for All, based in Roscommon, which provides employment and recreational opportunities for people with disabilities; community projects such as enterprise centres, creative hubs, and renewable energy co-operatives, which strengthen local economies and social infrastructure; and Burrishole Community Centre - the first new community centre to be developed in the region in the past decade, with community centres key focal points for communities offering range of services.

Minister for Rural and Community Development and the Gaeltacht Dara Calleary welcomed the announcement, saying: “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. 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.”

Gillian Buckley, head of investment at the WDC, added: “The Western Investment Fund has been a cornerstone investor for the West - providing long-term, patient capital for businesses and communities that drive regional growth. What makes the fund truly distinctive is its circular nature: every euro returned is reinvested into the next generation of entrepreneurs, innovators, and community leaders.

“The WIF has not only supported the creation of jobs and enterprises, but has also helped shape a vibrant and sustainable regional economy and enterprise ecosystem.”

The WIF continues to play a pivotal role in developing the enterprise and innovation ecosystem in the western region, working with state agencies, local authorities, and private investors to ensure the region remains a dynamic and competitive contributor to Ireland’s national economy.

Allan Mulrooney, CEO of the Western Development Commission, said: “Our new strategy, Unlocking Potential, Driving Change, marks 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.

“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.”