Friday 9 December 2016

Cork loses out as venture capital tech funding booms

Published 02/04/2015 | 02:30

Cork-based tech firms landed just €7.5m in venture capital last year, compared to €253m for Dublin-based counterparts.
Cork-based tech firms landed just €7.5m in venture capital last year, compared to €253m for Dublin-based counterparts.

Tech companies in Dublin are 10 times more likely to attract venture capital investment than rivals in Cork, new figures show.

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Cork-based tech firms landed just €7.5m in venture capital last year, compared to €253m for Dublin-based counterparts.

A total of 69 startups and medium-sized tech companies in Dublin closed funding rounds, while just six Cork-based firms managed the same feat.

The figures are among 116 deals disclosed by the Irish Venture Capital Association.

Tech firms based in Limerick and Galway fared better than Cork, with €31m and €30m respectively.

The overall figure for Ireland's venture capital spend last year was €401m, including a number of undisclosed investments. The figures mean that venture capitalists are spending €200 per head of population in Dublin, compared to €161 in Limerick, €120 in Galway and just €15 in Cork.

Seed rounds still dominate the number of venture capital investments here, with around half of all deals struck for amounts of under €1m.

Around a quarter of deals involve sums of between €1m and €3m, while a further quarter involve investments of between €3m and €10m.

There were only seven disclosed venture deals of over €10m in Ireland last year.

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