Uncertainty over the US election causes dip in venture capital investment [Video]

Venture capital (VC) investment in Ireland experienced a slower Q3 after a strong Q2 in 2024, according to the latest KPMG Venture Pulse report.

Irish start-ups raised $100.9m across 28 deals, representing a 59 per cent drop compared to the $244m raised in Q3’23 across 18 deals.

While in Q2’24, 24 VC deals closed worth $237.5m, including a $110m raised by biotech SynOx Therapeutics.

The KPMG report says activity levels in Ireland follow the global trend, which was relatively soft in Q3’24.

Global VC investment fell from a five-quarter high of $95.5bn in Q2’24 to a nearly seven-year low of $70.1 billion in Q3’24.

The report blames the dip in investment on ongoing geopolitical conflicts, the continued exit drought, anticipated seasonal lulls in investment in several key jurisdictions, and the uncertainty driven by the upcoming US presidential election.

In Ireland, this quarter’s largest deal was Galway-based medtech Luminate Medical, which raised $15m to …