Irish high tech SMEs raise €247m in Q1 2017

Irish high tech SMEs raised €247m in the first quarter of 2017, up four per cent up on the same period last year, according to a Irish Venture Capital Association (IVCA) published in association with Dublin-based firm William Fry.

Commenting on the VenturePulse survey results, IVCA chairman Michael Murphy said: “In the light of Brexit and other uncertainties it is positive to see investment being maintained especially as last year was a bumper one with the first quarter 2016 nearly double that of 2015.

“Compared to Q1 2016, funding in the US was down 12 per cent and in the UK was down 11 per cent.”

Mr Murphy added: “Nonetheless, the Irish VC industry is in fundraising mode at the moment. Allied to the fact that 2016 was a record year overall with funding up by 70 per cent, it will be a challenge to maintain last year’s levels.”

He said that the importance of good international relationships and a continuing global appetite for Irish tech firms is once again emphasised by strong support from international players.