It is estimated that Irish high tech SMEs raised a record €499m in the first half of 2017 with second quarter funding reaching €252m. This is according to the Irish Venture Capital Association VenturePulse survey published today in association with William Fry. This represents a 3% increase on the first half of 2016 when €486m was raised.
Funds raised in the first half of 2017 reached a high of €498.7m. This compares with funds raised of €486.4m in the first half of 2016, €306.9m in first half 2015, with €211.9m in the first half of 2014 and with €164.9m in the first half of 2013.
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. However, the Irish Venture Association have also emphasised the importance of good global relationships.
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.
Director General at IVCA, Regina Breheny said, "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."
Source: www.businessworld.ie
