US agtech accelerator Yield Lab has launched a venture fund in Ireland.
Eight to twelve Galway companies will receive up to €100,000 each over two years, according to a statement.
Funded by the St Louis Regional Chamber, the St Louis Economic Development Partnership and venture capital firm Cultivation Capital, Yield Lab Galway portfolio companies will be given workspaces and participate in a 12-month mentoring and cross-Atlantic networking accelerator programme.
Proximity to European markets, agtech insititutes and agricultural production in the west of Ireland all played a part in choosing Galway as a base.
St Louis Regional Chapter president Joe Reagan said that by visiting St Louis as part of their startup training, selected Galway companies could to develop a US footprint.
“The … Yield Lab St Louis companies will [also] be encouraged to leverage the resources unique to Galway,” said St Louis Economic Development Partnership chief executive Sheila Sweeney in a statement.
Cultivation Capital provides seed funding to technology, agriculture and life science start-ups and has made more than 30 investments since 2012, according to the company’s website.