VC funding soars to €641m in first six months as Irish tech boom continues

Irish tech and life science firms took a record €641m in venture funding in the first six months of the year, according to new figures.

Nicola McClafferty, chairperson of Irish Venture Capital Association
Nicola McClafferty, chairperson of Irish Venture Capital Association

It smashes previous funding records in Ireland and suggests the tech and life science sectors continue to outpace the rest of the economy as investors look for alternatives to low interest rates.

Investment picked up during 2021, with most of the funding (€392m) coming in the second quarter of the year, according to the Irish Venture Capital Association’s VenturePulse survey.

A handful of large investment deals, including €123m raised by Peter Foley’s home health testing firm Let’sGetChecked and €62m raised by Aidan Corbett’s Wayflyer, led the strong figures. In all, deals worth over €30m in the last quarter were up 34pc on the same time last year, while funding rounds worth over €10m also increased.

Deals below €1m, mainly comprised of early stage companies, rose by 22pc in the first half to €26.2m. The number of deals rose by 16% to 64.

“A feature of the results is that international funding, mostly from the US, rose to 70pc of the total in the first half, up 55pc on the same period last year,” said Nicola McClafferty, chairperson of Irish Venture Capital Association. “This is a strong endorsement of the high quality of Irish tech companies and reflects a global interest in them.”

Globally, venture capital is soaring. According to Crunchbase, €244bn was invested in the first six months of this year, up from €151bn during the same period in 2020. This is corroborated by CB Insights, which has similar figures for the investment periods involved.

In Ireland, life science companies raised the most in the first half of 2021, with 43pc of the overall take. This was followed by software (20pc), fintech (12pc), and ICT (6pc).

Despite the strong figures, venture industry executives here remain concerned about future sources of funding for Irish tech firms.

“The worry is that international investment is cyclical and when the tide goes out we will be unable to replicate these funds,” said Ms McClafferty.

 

Share

JOIN OUR MAILING LIST

Contact Us

South East BIC CLG.
Unit 1B, Industrial Park
Cork Road, Waterford
X91 DT38

Tel: +353 51 356300 

Registered Charity no. 20036706


 

Social Share

Our Partners

  •    
       
     
  •   
  • Halo Business Angel Network
    EI
    certified
    dept business interegg

        




     
  •       
  •        

 

 

We use cookies to improve our website and your experience when using it. Cookies used for the essential operation of the site have already been set. To find out more about the cookies we use and how to delete them, see our privacy policy.

I accept cookies from this site.

We use cookies to improve our website and your experience when using it. Cookies used for the essential operation of the site have already been set. To find out more about the cookies we use and how to delete them, see our privacy policy.

I accept cookies from this site.