Zurich Insurance is providing €500,000 to support a new fund that will finance social innovation projects across Ireland in response to the Covid-19 pandemic.

Round 2 of the Innovate Together Fund will receive the cash from Z Zurich Foundation, which is funded by the global insurance group, and will help the successful projects continue the essential work they’re carrying out for individuals and communities. 

The rest of the €5.5m on offer comes from the Dormant Accounts Fund via the Department of Rural and Community Development, and from Medtronic, Twitter and Oakfield Trust.

Rethink Ireland is a national organisation supporting innovative charities, social enterprises and community organisations with cash grants and business supports.

Every euro raised in philanthropy is matched by a euro from the Dormant Accounts Fund, and since launch in 2016 the body says it has has raised more than €26m.

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It’s asking that more companies, foundations, families and individuals to donate to the initiative to help combat and recover from the effects of the pandemic.

CEO Deirdre Mortell (pictured) said: “With more than 480 applicants to Round 1 of this fund, there is obviously a huge need for support in Ireland’s social innovation sector. While we’ll be able to support up to 50 of these organisations, we urgently need more philanthropic donations. The size of the Round 2 fund will depend on the donations that we can secure between now and the end of August.”

Zurich Ireland chief executive Anthony Brennan added: “We have a unique and powerful opportunity, thanks to the Z Zurich Foundation, to deliver on our global community investment strategy and empower vulnerable Irish communities to better protect themselves from risk, and to adapt and thrive in a rapidly changing world, particularly to deal with changes caused or accelerated by the pandemic. 

“Through our engagement with Rethink Ireland we are confident this fund will help to create a fairer, more open and sustainable society across Ireland. Together, by embracing innovation, we can find new ways to meet today’s challenges head on with solutions that better serve and protect people across our communities.”

The Innovate Together Fund is now seeking applicants for Round 2 . There are full details here, and the deadline for applications is August 12.

Applicants must be a charity, social enterprise or voluntary organisation based in the Republic that provide services in Irish communities and have been in existence since before 2019.