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Venture capital funding to Irish technology firms up by 8.9%

manual23 by manual23
May 10, 2021
in Technology
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Venture capital funding to Irish technology firms up by 8.9%
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Enterprise capital funding to Irish know-how corporations elevated by 8.9 per cent to €249.4 million within the first quarter of 2021, up from €228.9m in the identical interval final 12 months, based on the Irish Venture Capital Association (IVCA) VenturePulse survey.

“Funding seems to have shaken off any restrictions brought on by Covid-19,” stated IVCA chairwoman Gillian Buckley.

“That is mirrored in the truth that the variety of offers elevated by 65 per cent to 74, in comparison with 48 in the identical quarter final 12 months, largely pushed by a welcome restoration in early stage funding.”

She identified that funding to start-ups and early stage indigenous corporations for the 12 months final 12 months fell by nearly a 3rd. “We hope the extra constructive final result within the first quarter is a harbinger of restoration for early stage funding in 2021,” she stated.

The primary quarter 2021 bounce in start-up and early stage funding is mirrored in the truth that offers within the €1-5 million class jumped by 84 per cent to €70.3 million from €38 million, whereas the variety of transactions almost doubled from 18 to 33.

Offers of lower than €1 million grew by 53 per cent to €12.9 million in comparison with €8.4 million in the identical interval final 12 months. The variety of offers on this class rose by 55 per cent to 34 from 22.

“Authorities assist for start-ups and early stage corporations by way of Enterprise Ireland and the Eire Strategic Funding Fund is starting to point out an actual affect,” stated IVCA director normal Sarah-Jane Larkin.

“With out this it’s unlikely we be seeing the rising significance of sectors resembling life sciences to the Irish economic system.”

Life sciences accounted for €130 million or over half (52 per cent) of funding on this quarter pushed by an €89 million spherical for Mainstay Medical. The subsequent highest class was software program at €46.7 million (19 per cent) adopted by cybersecurity at €21.9 million (9 per cent).

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