Home > Technology > VC funding to Irish tech firms grew by 9% to almost €250m in first quarter

VC funding to Irish tech firms grew by 9% to almost €250m in first quarter

Written by Robert McHugh, on 12th May 2021. Posted in Technology

article headline

Venture capital funding to Irish technology firms increased by 8.9% to €249.4m in the first quarter of 2021, up from €228.9m in the same period last year, according to the Irish Venture Capital Association VenturePulse survey published today in association with William Fry. 

The first quarter 2021 bounce back in start-up and early stage funding is reflected in the fact that deals in the €1-5m category jumped by 84% to €70.3m from €38m, while the number of transactions nearly doubled from 18 to 33. Deals of less than €1m grew by 53% to €12.9m compared to €8.4m in the same period last year. The number of deals in this category rose by 55% to 34 from 22. 

Life sciences accounted for €130m or over half (52%) of funding in this quarter driven by an €89m round for Mainstay Medical. Next highest category was software at €46.7m (19%) followed by cybersecurity €21.9m (9%). 

"Government support for start-ups and early stage companies through EI (Enterprise Ireland) and ISIF (Ireland Strategic Investment Fund) is beginning to show a real impact," commented Sarah-Jane Larkin, director general, IVCA. "Without this it is unlikely we be seeing the growing importance of sectors such as life sciences to the Irish economy."

Source: www.businessworld.ie 

More articles from Technology

image Description

Zazzle to create 50 new jobs in Cork

Read more
image Description

Bosch Group announce jobs and investment for Limerick

Read more
image Description

Bionical Emas announces jobs and investment for Westmeath

Read more
image Description

TikTok to create 50 jobs for Ireland

Read more