Business Irish

Tuesday 25 June 2019

Boom year for Irish firms' venture funding

M&A

Anna Scally, a partner and head of technology and media at KPMG Ireland
Anna Scally, a partner and head of technology and media at KPMG Ireland
Gavin McLoughlin

Gavin McLoughlin

Irish-based companies raised $655m (€571m) in venture capital funding last year, the second best yearly performance on record, according to KPMG.

But with Brexit looming and continuing uncertainty for the global economy, matching that figure this year will be difficult, KPMG said.

The 2018 figure was fuelled by investments in pharma and biotech companies, said Anna Scally, a partner and head of technology and media at KPMG Ireland.

"Companies in these sectors tend to require considerable funding to grow and scale," Ms Scally said.

"Well-funded Irish pharma and biotech companies are competing impressively on the global stage."

Some of the notable deals included Inflazome, a company looking to treat inflammatory conditions, raising €40m.

Pointy, a software company aiming to help bricks and mortar retailers with ecommerce, completed a $12m fundraising.

Data for the report came from Pitchbook, a data and research company, which defines venture capital deals as equity investments made into startups.

A $125m fundraising by Irish-founded Intercom was included in the figures for the US. Intercom, which makes software that businesses use to communicate with their customers, has its headquarters in San Francisco.

KPMG said artificial intelligence and self-driving vehicles are among sectors likely to see significant venture capital interest this year.

Irish Independent

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