Irish tech firms raise €111m despite recession
Between venture capital funding and private investment, Irish technology firms have managed to raise €111m in the first half of 2009.
What is interesting to note is that despite a global recession, VC funding in 2008 was the highest it had been since 2002 and this level was maintained into 2009.
"This is a positive outcome for the Irish economy against a background of significant falls in investment activity levels around the world," said John Tracey, chairman, IVCA and CEO, TVC Holdings Plc.
"Despite the global credit crunch Irish companies continue to attract venture capital."
Regina Brehony, director general of the IVCA, noted that 17 Irish-based venture capital funds and private investors were involved in 111 investments representing 67pc of the €111m raised while 17 international funds and private investors participated in 19 investments and 33pc of funds raised.
"Irish tech firms continue to attract interest from overseas investors," said Breheny.
"The number of companies raising funds increased by 35pc to 66 compared to 49 in the same period in 2008 and to 29 in 2007," she added.
She went on to explain that amounts raised ranged from €50,000 to €18m while first round funding represented 22pc of funds raised.
Tech startups - seed or early stage companies - raised €32.9m, representing 22pc of all funds raised.
Breaking down the various sectors inside the technology scene, in the environment technology sector, five companies raised €17.4m while 12 companies raised €17.8m in other technology including nanotech, fibre optics, photonics and semiconductor chips.
Business services accounted for 14 companies, who raised €11.2m and the various other 11 raised €7.9m.
Pictured: Regina Breheny, Director General, IVCA.