Irish tech firms have raised almost half a billion Euro in the first half of this year!

Share on FacebookTweet about this on TwitterEmail this to someoneShare on LinkedInShare on Google+Share on Reddit

There’s one thing that every entrepreneur has to consider when it comes to getting your idea off the ground and that’s money. Whether we like it or not, having the right investment and support is a huge part of running a business no matter where you are in the world.

Luckily for Irish businesses, there has been some positive news today that Irish high tech SMEs raised a record €499m in the first half of 2017 with second quarter funding reaching €252m, according to the Irish Venture Capital Association VenturePulse survey published in association with William Fry.

This means there has been a 3% increase on the first half of 2016 when €486m was raised, a positive sign for Irish businesses.

“This is an impressive result considering that activity was down 11% year-on-year in the US* and that 2016 was a record year in Ireland,” commented Peter Sandys, chairman, IVCA.

He added that while 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 syndicate investors, the importance of good global relationships is once again emphasised.

“International players invested €135m in the second quarter of 2017, bringing the total for the first half to €255m or 51% of total funds raised. This compares to investment by international syndicates of €205m in the first half of 2016.”

Regina Breheny, director general, IVCA added that following on from a strong first quarter, life sciences once again influenced activity in quarter two accounting for 50% of funds raised. Three companies raised over 43% of total funds.

Growth or expansion funding accounted for 91% of total funds raised in quarter two.

Ms Breheny added, “Since the onset of the credit crunch in 2008, in excess of 1,375 Irish SMEs have raised venture capital of €3.3bn. These funds were raised almost exclusively by Irish VC fund managers who during this period supported the creation of up to 20,000 jobs,  attracted over €1.37bn of capital into Ireland and geared up the State’s investment through the Seed & Venture Capital programme by almost 16 times.”

Share on FacebookTweet about this on TwitterEmail this to someoneShare on LinkedInShare on Google+Share on Reddit