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Irish venture capital funding collapses by 80 per cent
Last quarter also represented the lowest figure for such investment globally in the last five years
Venture capital (VC) investment in Ireland collapsed 80 per cent last quarter.
In the first quarter of 2023 there was $172.8 million (€161 million) of VC funding invested in Irish firms, but this collapsed to $34.2 million this year, according to new figures released by consultancy firm KPMG.
The number of deals also dropped, although less sharply, to 17 last quarter compared with 24 in the same period last year.
Interest in Irish tech firms, however, remained strong, with the Venture Pulse report pointing to Japanese SoftBank closing a €473 million deal to acquire a majority stake in Cubic Telecom, a Dublin-based automotive software firm.
