Venture capital funding to Irish tech firms grew 9% in first quarter

Gillian Buckley, IVCA
Gillian Buckley, IVCA

VenturePulse survey shows bounce in funding for start-ups and early stage companies

Print

PrintPrint
Trade

Read More:

10 May 2021 | 0

Venture capital funding to Irish technology firms increased by 8.9% to €249.4 million in the first quarter of 2021, up from €228.9 million in the same period last year. This is according to the Irish Venture Capital Association (IVCA) VenturePulse survey published in association with William Fry. 

Funding to start-ups and early-stage indigenous companies for the 12 months last year fell by almost a third, said Gillian Buckley, chairperson, IVCA (pictured).

“Funding appears to have shaken off any restrictions caused by Covid-19. This is reflected in the fact that the number of deals increased by 65% to 74, compared to 48 in the same quarter last year, largely driven by a welcome recovery in early-stage funding. We hope the more positive outcome in the first quarter is a harbinger of recovery for early stage funding in 2021.” 

 

advertisement



 

The first quarter 2021 bounce back in start-up and early-stage funding is reflected in the fact that deals in the €1-5 million category jumped by 84% to €70.3 million from €38 million, while the number of transactions nearly doubled from 18 to 33. 

Deals of less than €1 million grew by 53% to €12.9 million compared to €8.4 million in the same period last year. The number of deals in this category rose by 55% to 34 from 22. 

“Government support for start-ups and early-stage companies through EI (Enterprise Ireland) and ISIF (Ireland Strategic Investment Fund) is beginning to show a real impact,” commented Sarah-Jane Larkin, director general, IVCA. “Without this it is unlikely we be seeing the growing importance of sectors such as life sciences to the Irish economy.”  

Life sciences accounted for €130 million (52%) of funding in this quarter driven by an €89 million round for Mainstay Medical. Next highest category was software at €46.7 million (19%) followed by cybersecurity €21.9 million (9%). 

TechCentral Reporters


Like what you see?

Ireland’s ONLY dedicated news feed for the distribution and retail channel.

Our editorial mix includes channel news, trend analysis, Deals Done, regular ‘Channel Chat’ interviews and strategic product focuses. This is a vital medium through which the technology channel can network and identify new business opportunities.

Want more?




Read More:



Comments are closed.

Back to Top ↑