Monday 26 August 2019

Irish tech firms on course to raise record €1bn this year

The first nine months of the year saw Irish tech firms and startups attract €817m in venture capital Credit: Reuters
The first nine months of the year saw Irish tech firms and startups attract €817m in venture capital Credit: Reuters
Adrian Weckler

Adrian Weckler

Irish-based tech firms look set to raise over €1bn in venture cash this year, according to new industry figures from the Irish Venture Capital Association.

The first nine months of the year saw Irish tech firms and startups attract €817m in venture capital, the highest amount ever recorded.

The record haul, 11pc higher than the same period last year, indicates that venture cash is now a mainstream source of funding for hundreds of Irish businesses.

The majority of the money (88pc) raised went to companies seeking expansion capital, according to the IVCA.

"The third quarter was boosted by activity in Northern Ireland," said Peter Sandys, chairman of the IVCA.

"Belfast fintech company Options accounted for 30pc of total funds raised in this quarter. This is the largest fundraising deal in Northern Ireland in over ten years. Seed and early stage support is growing significantly again with €59m raised in the third quarter, reaching a high of €115.2m for the nine months to the end of September."

The IVCA figures indicate that International syndicates invested €220m, accounting for 58pc of total funds raised.

"The Irish venture capital community continues to be the main source of funding for Irish innovative SMEs both through direct investment and as the local lead investor for international syndicates," said Regina Breheny, director general of the IVCA.

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