TLDR:
- Tech companies in Northern Ireland received a record £143m in funding in 2023.
- Growth in tech funding was modest but significant compared to the wider UK market downturn.
Tech companies in Northern Ireland have attracted a record level of funding in 2023, reaching £143m, according to new data from Catalyst. This funding, which was distributed across 72 deals, represents an average investment of just under £2m per tech company in the region. Despite only a modest growth rate of less than 3% compared to the previous year, the increase in venture capital investment in Northern Ireland stands out amidst a 54% downturn across the UK as a whole.
The investment landscape in Northern Ireland is showing resilience, with many larger deals consisting of follow-on investments from existing investors. Additionally, there has been a significant rise in investment in female-led companies, accounting for 35% of total deals in 2023. Belfast remains a key destination for tech investment in Northern Ireland, with VC funding increasing by 221% between 2019 and 2023 in the city.
Key investments in Northern Irish startups include AI molecule discovery firm AMPLY, software supply chain platform Cloudsmith, and wireless sensor startup Sensoteq. Catalyst’s chief executive, Steve Orr, attributes the increasing interest in Northern Ireland’s startup ecosystem to the quality of the region’s founders and the growing understanding among investors of its potential.
This ongoing trend of increased venture capital investment in Northern Ireland showcases the region’s ability to produce innovative companies with high growth potential. The article underscores the bright future for tech firms in Northern Ireland and the continued interest from investors in the region’s thriving ecosystem.
