Through the Growth Fund, Rethink Ireland provides bespoke support to social innovations that meet the criteria, as listed below, and are ready to secure significant growth capital to grow and deepen their impact over several years.
Applications to the Growth Fund are open to existing Rethink Ireland Awardees who meet the criteria. Successful applicants partner with Rethink Ireland’s Business Development Team to secure private funds for an agreed growth capital fundraising target. If this is achieved, Rethink Ireland then provides an uplift on the capital secured and assigns a dedicated team to support the organisation to achieve targets for scale and impact.
FoodCloud is the first organisation to receive investment from the new Rethink Ireland Growth Fund. FoodCloud aims to double its impact over the next three years after securing significant investment from AIB, with part-matched funding from the Growth Fund. The Growth Fund is supported by the Department of Rural and Community Development from the Dormant Accounts Fund.
AIB has proudly committed to investing €500,000 per annum in FoodCloud over three years (2018 – 2020). This is further supported by financial and non-financial support to the value of €330,000 per annum for three years from Rethink Ireland’s Growth Fund. The Growth Fund invests in established social innovations that have completed a six-month Accelerator Programme and are ready to secure significant growth capital to achieve significant scale and deepen their impact. FoodCloud is the first company to receive investment from the Rethink Ireland Growth Fund.
The funding is being used to invest in the further development of FoodCloud’s bespoke technology platform, the expansion of FoodCloud Hubs and the development of new services to support the redistribution of surplus food.