John Kennedy | Silicon Republic Startups
There has been a major decline in the amount of venture capital being raised by Irish tech firms, with funding down 47pc to €170m in the third quarter.
Funding for the first nine months of the year is down 33pc to €546m compared with €817m this time last year, according to the Irish Venture Capital Association (IVCA) in its VenturePulse survey published in association with William Fry.
‘The gap is widening between countries’ investment activities and now is not the time for Ireland to fall behind’
– ALEX HOBBS
The largest decline in funding is in deals above €5m, which have declined in value and volume by 30pc year on year. Meanwhile, seed funding is down 32pc in volume, a major decline that will impact promising young companies in a significant way.
“The third quarter confirms our earlier fears of a significant slowdown in the market this year,” said Alex Hobbs, chair of the IVCA. “We know that the Government is considering initiatives to mobilise capital to this sector.
These figures illustrate that we urgently need to see a meaningful response and action to address this.”