NDRC has reported an almost 25% increase in the number of digital startups it has backed and supported 2016, with a 22% increase in the amount of money raised cumulatively by NDRC supported companies at €152 million.
Additionally, the NDRC also reported investment returns of almost €500K for the year.
With over 800 people now employed by companies that emerged from NDRC programmes in Ireland, including the likes of NewsWhip, SilverCloud and Bizsimply, this is certainly a positive report for the startup industry and emerging entrepreneurs.
Established by the State in 2007 and based in the Digital Hub in Dublin 8, NDRC has built and invested in 226 companies all over Ireland with a collective market valuation estimated to be in the region of €427 million.
NDRC offers three investment programmes available to early stage startups – Launchpad, Catalyser and VentureLab. Through these, the companies can avail of capital, as well as support and mentoring.
Since its launch, NDRC says that roughly 50% of the companies it has backed have gone on to secure next-stage funding.
Commenting on the NDRC Annual Report, the Minister for Communications, Climate Action and Environment, Denis Naughten T.D. said:
“I welcome these results which reflect NDRC’s focus on enabling the delivery of digital innovation within the economy and an accelerated path to market for talented entrepreneurial teams.”
NDRC’s Chairman, Dr. Sean Baker added:
“The interdependence between a competitive, innovation-rich economy and a healthy startup sector remain starkly clear across the globe. Continuing to source and build Irish startups that have the potential to create jobs at home and to compete internationally is more critically important than ever before.”
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 startups nationally.
To find out more about getting NDRC investment click here.