TLDR:
- Venture capital deals in Ireland grew by 28% in Q2, reaching $237.5m.
- Investors are showing interest in Irish innovative solutions in biotech, ocean data tech, healthtech, and AI.
The second quarter of 2024 saw a significant increase in the value of venture capital deals in Ireland, with a total of $237.5m raised, marking a 28% growth compared to the previous year. The most notable deals included $110m raised by biotech company SynOx Therapeutics and $32.5m raised by ocean data company XOCEAN. The number of deals may have decreased from the previous quarter, but investors are making larger bets on areas such as AI, biotech, and fintech.
Globally, VC investment also saw an increase, reaching $94.3bn in Q2 fueled by mega-deals worth over $1bn each. Despite a decrease in the number of deals, AI remains a top funding recipient globally. In Ireland, VC investment in fintech rebounded in the first half of 2024 compared to the previous year, showing growing interest in new technologies and changing business models within the financial services sector. The trend is expected to continue in the remainder of 2024.
Heading into Q3, VC investment in Ireland is expected to remain steady, with a focus on AI, energy, cleantech, and regtech. The market remains cautious due to uncertainties created by global elections and high interest rates, but there is optimism around the investment and interest in Irish innovative solutions. The first six months of 2024 have shown promising growth in the fintech sector, with increasing interest in AI applications and newer business models. Investors are optimistic about the potential for continued growth and innovation in the coming quarters.
