TLDR:
- Irish VC investments plummeted by 80% in Q1 2024
- 17 deals totaling $34.19 million were completed, a decrease from the previous year
According to the latest Q1 ’24 Venture Pulse report, compiled by KPMG with data from PitchBook, Irish VC investments saw a significant decline in both the number of deals and the total value in the first quarter of 2024. This downturn is attributed to a disparity in expectations between investors and founders, resulting in tightening financial conditions and decreased valuations. Globally, VC investment hit its lowest point in five years at the beginning of 2024.
The largest deal in Q1 was a $7 million investment in Galway-based medtech firm Ceroflo, focusing on developing technology to treat intracranial atherosclerotic disease. Other notable deals included Dublin-based OOHPod, MOBY Bikes, and Coroflo, all receiving significant investments. Despite the decline, interest in Ireland’s technology companies, especially in the medtech, AI, and cleantech sectors, remains relatively strong. The European Parliament’s Artificial Intelligence Act, expected to be enforced soon, could impact how companies develop AI products for the European market.
