Growcorp Group has established a £10 million (€12.7 million) seed capital fund to deliver funding to high risk start-up companies with high potential returns.

The focus of the fund's investment will be in the area of enabling technologies in the information communications technology and life sciences sectors. It will be known as the Growcorp Group Incubator.

The capital fund will provide seed funding up to £500,000 and all companies will have access to the incubator's business evaluation process.

The firm has signed several partnerships for the project including PricewaterhouseCoopers, CPL Resources and Trinity Technology.