High Potential Start-Up funding: how Enterprise Ireland co-invests in start-ups that can sell abroad

What counts as high potential

Enterprise Ireland defines a High Potential Start-Up as a start-up that is:

• bringing a new product or service to international markets that is truly innovative, with some form of intellectual property it can protect
• in manufacturing or an internationally traded service
• capable of creating 10 jobs in Ireland and reaching €1 million in annual sales within three years of starting
• led by an experienced management team living in Ireland
• headquartered and controlled in Ireland
• less than five years old from the date the company was registered

It also expects a minimum viable product, meaning a first working version that customers can use, and some commercial traction, meaning early sales or paying trials.

Intellectual property is something the company owns that a competitor cannot simply copy, such as a patent, software code or a registered design.

The investment

The fund is called the Innovative HPSU Fund. Enterprise Ireland invests for equity. That means it gets shares in the company, and it only makes its money back if the company grows or is sold.

It works on a co-funding model. A round is one fundraising, in which several investors put money in on the same terms. Enterprise Ireland says: "We do not lead on investment rounds, and you will need to raise external investment before we can get involved in the round." So you first need wealthy individuals known as business angels or a professional seed or venture fund ready to invest. Enterprise Ireland then joins the same round.

On the amount, Enterprise Ireland's own pages disagree. The page for the fund says "up to €1.2 million". Its general page for start-ups says "up to €800,000". Ask the HPSU team which limit applies to you.

Most companies get far less than either figure. In 2025 Enterprise Ireland approved €23 million in equity for 90 High Potential Start-Ups, an average of about €255,000 each.

What else comes with it

• a dedicated Enterprise Ireland adviser
• access to its overseas network of market advisers and international contacts
• the HPSU Founders Forum, a six-month programme for funded start-ups getting ready to scale
• its Market Research Centre and mentor network

Before the investment, a company that is already an Enterprise Ireland client can apply for the HPSU Feasibility Study Grant. It pays 70% of eligible costs, up to €30,000, towards research on export markets, technical research and prototyping, and building the business and financial plan.

Who cannot get it

HPSU funding is not for a business that will sell mainly to local customers. A shop, cafe, restaurant, salon, trade, creche or local professional practice does not meet the definition, however well it is run.

It is also not for a company that is more than five years old, that has no product yet, or that has no private investor willing to come in first.

If your business is local, start with the Local Enterprise Office supports for firms that sell mainly at home. For finance, it is worth seeing what credit unions lend to small businesses.

How the process works

1. Check the company against the six-part definition above. If it is very young, the usual step before this one is Enterprise Ireland's smaller first investment of €50,000 or €100,000.
2. Contact the High Potential Start-Up enquiries team at hpsuenquiries@enterprise-ireland.com or 01 727 2130. Enterprise Ireland asks you to send business details such as a slide deck, a business plan and an investor teaser, which is a short summary written for investors.
3. If Enterprise Ireland takes the company on as a client, you are assigned an adviser, who guides the application.
4. Raise the private part of the round. Enterprise Ireland only joins a round that outside investors are already backing.
5. Enterprise Ireland then makes its own decision on whether to invest alongside them.

Common questions