Wednesday 21 March 2018

Irish firms raise €391m in VC funds

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Donal O'Donovan

Donal O'Donovan

Irish companies raised $462.44m (€391m) in venture finance in the first nine months of the year, according to the latest KPMG Venture Pulse, which tracks activity in the sector.

The survey shows that there were fewer deals clocked up here in that period than at the same time last year, although the average size of the deals was greater.

In overall financial terms, 2017 is on course to be the second-best year of the decade in Ireland for VC investments, according to Anna Scally, partner and technology, media and fintech lead at KPMG in Ireland.

"In line with the trend we are seeing globally, the average deal size (so far in 2017) was a lot larger, with 71 companies being funded in the first three-quarters of the year, versus 103 at this point last year," she said.

Deals in the most recent three-month period raised $151.6m (€129m) for 11 firms.

These included Future Finance, the student specialist lender, which raised $58m, and Cubic Telecom, which provides a global M2M connectivity platform and raised $47m.

Total venture capital investment globally reached US$39bn in the third quarter of 2017, the fourth-highest quarterly total since 2010.

Irish Independent

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