|Séan O'Sullivan, entrepreneur, Richard Bruton, enterprise minister, and Noel Ruane of Dogpatch Labs, the Irish unit of a US VC firm, in Dublin’s Barrow Street, at the launch of a report on entrepreneurship, Jan 23, 2014.|
Data issued on Wednesday show that Irish venture capital funding of startups in the first nine months of 2014 plunged to 5% of the total.
According to the Irish Venture Capital Association (IVCA) €314m was raised by Irish firms in the period - up from €233m in the same period in 2013 - but funding of startups fell to 5% compared with an early-stage funding ratio of 21% in 2013.
The Irish Government provides about 40% of VC funding and seed funds raised in the year to the end of September amounted to €17m.
The detail is here [pdf].
In September it was announced that Dublin-based Accuris Networks, a telecoms software firm, is to double its staff to 60 following after $15m investment from the Ulster Bank Diageo Venture Fund and the China Ireland Growth Technology Fund.
Regina Breheny, IVCA director general, said seed funds supported by the banking sector and Enterprise Ireland need to be renewed if startups are to get more funding.
“The seed funds supported by the banking sector and Enterprise Ireland’s Seed & Venture Capital Programme of 2006-2012 are close to being fully invested. These funds need to be renewed if entrepreneurs are to be supported as actively as in the last five years.”
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