Pictured: Sarah-Jane Larkin and Gerry Maguire, IVCA

Ireland attracting record levels of VC funding – survey

Majority of deals valued at more than $10m for first quarter of 2025
Trade
Pictured: Sarah-Jane Larkin and Gerry Maguire, IVCA

26 May 2025

Venture capital funding into Irish SMEs soared to €532.8 million in the first quarter of 2025, according to the Irish Venture Capital Association VenturePulse survey published today in association with William Fry. This was a record for a first quarter and represents a year-on-year increase of more than 100%.

Funding by international venture capital into Irish companies rose to 82% of the total, compared to 71% in the same quarter last year.

The total number of deals in the first quarter was 43, slightly ahead of the same quarter last year (41).
Top five deals in the first quarter were lifescience company Let’s get Checked, which raised €150 million followed by cyber security firm Tines raised (€115 million); AI company Protex AI (€31.8 million); drone delivery firm Manna (€27 million); and medical technology manufacturer Perfuze (€22 million).

 

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The first quarter excluded the impact of US ‘Liberation Day’ tariffs on 2 April. Maguire said that anecdotal evidence suggested that the uncertainty and caution caused by this, especially amongst international investors, is likely to show up in following quarters.

Gerry Maguire, chairperson, Irish Venture Capital Association said: “It should be noted that over 80% of the total in this quarter was due to deals worth over €10 million.”

He added that the picture for start-ups raising under €3 million was less rosy and this may reflect an imbalance in the market.

“This is a doubled edged sword,” said Sarah-Jane Larkin, director general, IVCA. “While it reflects the high quality and potential of Irish tech firms and demand by overseas investors, it also reflects Ireland Inc’s vulnerability to international influences if the tide goes out.”

Deals in the €30 million+ category grew by nearly 90% to €296.8 million. Funding in the €10-€30 million range rose by 184% to €132 million. Deals between €5-€10 million grew 138% to €43.8 million. Funding in the €3-€5 million range increased 346% to €35 million from €7.8 million the previous quarter.

Deals in the €1-€3 million category, however, fell by 5% to €21.6 million and deals under €1 million fell by 42% to €3.6 million from €6.2 million the previous year. There was also a drop in the number of deals in the latter category, down from 21 to six. Seed funding, or first rounds raised by SMEs, fell 3% to €39.3 million from €40.4 million the previous year.

TechCentral Reporters

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