The Tánaiste, Ms Harney, has opened the Cork-based Kernel Capital Partners Venture Capital Fund.

The fund has raised €12.5 million and is working to increase this to €25 million. The fund will invest in projects in the technology sector and life science companies. It aims to invest in early stage companies with investments of between €300,000 to €1.5 million.

Kernel chief executive, Mr Niall Olden, said the fund was open to investment opportunities throughout Ireland but would concentrate in the region south of a line from Galway to Dublin. Enterprise Ireland executive director, Mr Pat Maher said the initiative would help create new firms and support the expansion of existing firms.