Discover How Irish Tech Companies Surpassed All Expectations with €963m in VC Funding in the First Half of 2023

2023-09-10 13:00:25

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Irish Tech Raises Record £963m in VC Funding in First Half of 2023

In the first half of this year, Irish tech companies have achieved a remarkable milestone by raising over £963m in venture capital (VC) funding. This figure represents a significant increase of 24% compared to the £778m raised during the same period in 2022, according to data released by the Irish Venture Capital Association (IVCA).

Foreign Investment Drives Growth

The IVCA report highlights that more than 80% of the total VC investment in Ireland during the first half of 2023 came from foreign investors. This influx of international funding demonstrates the global recognition of Ireland's thriving tech ecosystem.

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Ireland Outperforms Global Trends

Denise Sidhu, newly appointed IVCA chair, emphasizes the exceptional performance of Ireland's tech sector. Sidhu points out that Ireland's venture capital investment has surpassed global trends, even during a period of significant downturns in VC funding worldwide.

"Ireland achieved the €1bn milestone for a full year for the first time in 2021, and we are already approaching that mark in just the half year of 2023," said Sidhu.

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Challenges and Opportunities

While celebrating the overall success, there are challenges to address. Smaller deals below €30m experienced a decline of more than 50% in the second quarter and 16% for the half year, indicating the need for greater support in scaling finance.

Moreover, the report unveils a growing dependence on international investors, with more than 80% of total VC funding attributed to foreign sources in the first half of 2023, compared to 58% during the same period in 2022.

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"To unleash the full potential of our tech industry, we must focus on securing scaling finance. The interest from global investors demonstrates our capacity to create world-leading companies. By incentivizing multinational corporations to invest in innovative Irish businesses, we can foster further growth and success," stated the IVCA's director general, Sarah-Jane Larkin.

Investment Trends and Opportunities

Notably, artificial intelligence (AI) has emerged as one of the top three sectors attracting investment, with a total of £83m invested, accounting for 9% of the overall funding raised. The cleantech or clean energy sector leads the way, securing 57% of the total investment, followed by life sciences at 10%.

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By capitalizing on Ireland's ability to attract the world's largest multinational corporations, there is a unique opportunity to leverage this success in attracting further investment for Irish companies.

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