Today: May 26, 2024
May 26, 2024
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Irish Firm VC Funding Drops by Half: What’s Next?


– VC funding secured by Irish SMEs dropped by 48% in the first quarter of the year

– Life sciences sector received the majority of the funding, followed by envirotech and software

The amount of funding secured from venture capital firms by small and medium-sized Irish businesses in the first quarter fell by almost half, with just €258.5m drawn down, down 48% from the previous year. Despite this decrease, the Irish Venture Capital Association noted that investment has remained relatively stable over the last three quarters amid global uncertainty. Most of the funding went to the life sciences sector, followed by envirotech and software companies. Large deals included Mainstay Medical receiving €115m and GridBeyond securing €42m. Early-stage Irish firms raised €40m, and companies looking to raise €1m-€3m saw a 126% increase in funding compared to the previous year. The IVCA emphasized the need to reduce dependence on international investors and unlock domestic deposits to support growth in the Irish business ecosystem.

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