Published in association with William Fry, the latest report from the Irish Venture Capital Association shows the highest level of VC investment in Ireland to date but there has been a worrying drop in early-stage funding.
The Irish Venture Capital Association Venture Pulse survey highlights how the COVID-19 pandemic impacted venture capital (VC) investment in Ireland. It reports a near 60% slide in first time funding during the second quarter as a handful of start-ups raised their first equity rounds. This comes even as funding overall rose almost 60% to €364m.
For the first six months of the year, venture capital and private equity investment is 38% ahead of last year at €593m. There was a significant increase in large deals above €30m level in the second quarter of the year, with deals between €10m and €30m up 68% and deals in the €5m to €10m up 40%. Deals under €5m fell by 7%.
In terms of breakdown by sector, 33% went to life sciences, 27% went to software and 21% to Fintech.
Among the investments announced during the quarter were a €65m raise by at-home testing company LetsGetChecked, and €73m by fintech company Fenergo. Other notable deals were an €18m raise by analytics company Profitero and €17m for drug-delivery company Avectas.
The IVCA is the representative body for venture capital and private equity firms on the island of Ireland.
Originally published 10 Sep 2020
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