Irish high tech SMEs raised €237 million in the first quarter of 2016, or nearly double the amount over the same period last year, according to the Irish Venture Capital Association VenturePulse survey published in association with William Fry.
First round seed funding at €24.7 million more than doubled from €11.9 million in the same period last year.
Life sciences dominated the first quarter with 42% of funds raised by 15 companies in this sector. Two companies raised over 25% of total funds.
Growth/expansion funding represented 90% of total funds raised.
“The increase in this quarter to €237 million from €119.8 million last year is a positive result considering that the industry in Ireland is in fundraising mode,” said Regina Breheny, director general, IVCA (pictured).
“The importance of close international relationships is once again emphasised by continued strong support from global players, who invested €116 million or 49% of total funds raised in the first quarter.
“Early stage companies have benefited from support from Irish VCs and private investors such as angels. While seed funds supported by Enterprise Ireland are being renewed, it will take some months yet to get these up and running.”
Since the onset of the credit crunch in 2008, in excess of 1,250 Irish SMEs raised venture capital of €2.8 billion. These funds were raised almost exclusively by Irish VC fund managers who during this period supported the creation of up to 20,000 jobs and attracted over €1.25 billion of capital.
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