Investment in Irish digital companies backed by NDRC up 22pc in 2016
Digital companies backed by NDRC raised €152m in cumulative follow-on investment at year-end 2016, a 22pc increase on 2015.
In 2016, a total of 32 digital start-ups were mentored and accelerated through NDRC, an increase of almost 25pc increase on the previous year, according to the organisation’s annual report, published today.
Companies securing significant investment in 2016 included NewsWhip, Bizimply, Nuritas and SilverCloud.
"Our results indicate a pattern of steady and consistent growth across all metrics; increasing the volume and building the quality of our digital startups remains our focus," Ben Hurely, ceo of NDRC, said.
To-date NDRC, which was founded in 2007 to provide early stage investment in tech companies across Ireland, has built and invested in 226 companies which collectively have an estimated market valuation of €427m.
Over 800 people are now directly employed in companies that have emerged from NDRC‘s digital acceleration and investment programmes.
In 2016 NDRC secured the tender to run two regional accelerators on behalf of Enterprise Ireland.
These joint initiatives are designed to grow the number and quality of digital start-ups nationally.
The results were welcomed by the Minister for Communications, Climate Action and Environment, Denis Naughten T.D.