IVCA survey: Irish tech firms raised €120m in first quarter of 2015

John Flynn, IVCA
John Flynn, IVCA

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10 June 2015 | 0

Irish tech companies raised €120 million in the first quarter of 2015 according to the Irish Venture Capital Association (IVCA) VenturePulse survey, published in association with William Fry.

The level of activity continues the positive momentum experienced in 2014, where 41% growth to €401 million was achieved for the full year.

“It’s a strong performance at a time when the venture capital industry in Ireland is in the middle of fund raising,” said John Flynn, chairman, IVCA (pictured). “The figures reflect an encouraging international appetite for investment in Irish tech firms who continue to punch above their weight.

“Growth/expansion funding represented 90% of total funds raised which demonstrates that the positive seed funding activity over the past few years is starting to pay dividends and produce high quality expansion opportunities,”  he said.

However, Regina Breheny, director general, IVCA, said that first round seed funding at 10% of funds raised is below the 17% achieved last year.

“The seed funds supported by the banking sector and Enterprise Ireland’s Seed & Venture Capital Programme of 2006-2012 are close to being fully invested,” she said. “These need to be renewed if entrepreneurs are to be supported as actively as in the last five years but we are hopeful that new funds will come on stream in the second half of 2015.”

The IVCA VenturePulse survey found that since 2008 in excess of 1,000 Irish SMEs raised venture capital of €2 billion. These funds were raised almost exclusively by Irish VC fund managers. It is estimated this has supported the creation of up to 20,000 jobs and attracted over €825 million of capital into Ireland.

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