A total of 32 technology companies raised EUR54 million in the first quarter of 2009, according to the Irish Venture Capital Association VenturePul
A total of 32 technology companies raised EUR54 million in the first quarter of 2009, according to the Irish Venture Capital Association VenturePulse survey – an increase of 24% on the same period last year.
By comparison, first quarter figures recently released by the NVCA in the US show stateside activity down 61% in dollar terms and down 44% in company numbers raising funds.
“This compares very favourably to fund raising in the US and UK which is down in the first quarter,” says Regina Breheny, director general, Irish Venture Capital Association. “In the UK data sources are reporting declines of up to 70% so not all the financial news coming out of Ireland is bad.”
She added that there were funds available for good start ups as the figures show that first round funding in Ireland was 30% of funds raised compared to 20% in the US.
For the year 2008, 93 technology firms raise a total of EUR243m, which represents an increase of some 7 per cent on 2007 according to Joe Concannon, chairman of IVCA.
“This is 7% up on 2007 and in the teeth of the global credit crunch,” commented Joe Concannon, chairman, IVCA. Figures from the UK suggest that total funds raised there in 2008 came to EUR885m excluding pharma/bio.
“When you consider the respective sizes of the economies this suggests that Ireland is punching much bigger than its weight internationally and nurtures some hope in striving towards the goal of creating a Smart Economy here,” says Concannon. “The Government’s move to invest in university R&D may be starting to see benefits.”
