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Irish tech firms raise record 817m in first 9 months of the year

Written by Robert McHugh, on 22nd Nov 2017. Posted in Technology

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It is estimated that Irish technology SMEs raised a record €817m for the nine months to end September 2017. This is according to the Irish Venture Capital Association VenturePulse survey published today in association with William Fry. This is an increase of 11% from 2016 when €734m was raised in the same period. Fund raising in the third quarter reached €319m.   
   
International syndicates invested €220m in the third quarter bringing the total for the nine months to end September 2017 to €475m or 58% of total funds raised. This compares to investment by international syndicates of €328m over nine months in 2016 and with €225m in 2015.
   
Speaking this week, Director General at IVCA, Regina Breheny said, "Since the onset of the credit crunch in 2008, more than 1,450 Irish SMEs raised venture capital of €3.6bn. 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 €1.6bn 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

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