William Fry-sponsored survey finds record fundraising for tech SMEs

The figure represents a three per cent increase on the first half of 2016, itself a record year, when €486 million was raised, and compares with a 11 per cent year-on-year decline in activity in the US.

The Irish venture capital community continues to be the main source of funding for tech SMEs, but global investors have played a key role.

Peter Sandys, IVCA chairman, said: “International players invested €135m in the second quarter of 2017, bringing the total for the first half to €255m or 51% of total funds raised. This compares to investment by international syndicates of €205m in the first half of 2016.”

Regina Breheny, IVCA director general, said life sciences accounted for 50 per cent of funds raised in quarter two. Three companies raised over 43 per cent of total funds. Growth/expansion funding was 91 per cent of total funds raised in quarter two.

Ms Breheny said: “Since the onset of the credit crunch in 2008, in excess of 1,375 Irish SMEs have raised venture capital of €3.3bn.

“These funds were raised almost exclusively by Irish VC fund managers who during this period supported the creation of up to 20,000 jobs; attracted over €1.37bn of capital into Ireland and geared up the State’s investment through the Seed & Venture Capital programme by almost 16 times.”