Irish technology firms raised €332m in Q1 2018

The figure represents a 34 per cent increase on the same period last year, when €246.7 million was raised.

However, IVCA chairman Peter Sandys warned that a number of large deals may have disguised a softening in the market.

He said: “The significant jump in funding raised year on year is primarily due to two €100m funding rounds at Limerick based AMCS and Dublin based Intercom. The second quarter will give us a better picture as to whether we’re witnessing an underlying softness in 2018.”

He said that the first quarter suggested no room for complacency and that international uncertainties made it more important than ever to continue to build a strong indigenous technology sector.

Seed investments made up just one per cent of the total, down 50 per cent on the same period last year. There was also a decline in deals below €5 million of 16 per cent in number and 28 per cent in value.

Software and life sciences led investment with 33 per cent and 23 per cent of funds raised respectively.