Bank of Ireland Seed and Early Stage Fund plans to divest 25% of its portfolio in the next year, beginning with medical device developer NeoSurgical.

Venture capital firm Kernel Capital has begun the divestment programme for the VC fund it formed with financial services firm Bank of Ireland, the Irish Times has reported.

The two firms formed Bank of Ireland Seed and Early Stage Fund in 2009 with €32m ($36m) of capital. It invests between €100,000 and €500,000 in startups in sectors including green technology, food and fintech, and also supports patent and patent pending projects at Irish universities.

Bank of Ireland Seed and Early…