Ireland-based bank AIB Group is reportedly preparing to raise a €22m ($32m) corporate venturing fund for early-stage companies.

News provider Sunday Business Post said AIB would provide most of the money, with the remainder coming from Enterprise Ireland, the state investment agency.

ACT Venture Capital, which is led by former AIB executive Niall Carroll, will manage the fund.

In December, AIB peer Bank of Ireland started a €17m seed fund for young companies, managed by venture capital firm…

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