Venture capital funding for Irish businesses fell 22% year-on-year for the first half of 2024, according to the Irish Venture Capital Association (IVCA).
Irish SMEs received €752.6m in venture capital funding in H1, down some €212.3m from approximately €964.9m during the same period in 2023.
However, the €494m in VC funding received by Irish businesses during the second quarter was the second-highest amount on record and up 7% on the same period last year.
IVCA’s VenturePulse survey, published in association with William Fry, shows a significant drop-off in the value of deals up to €10m.
“Deals in the €5-10m range fell by 44% to €27m in the second quarter, compared to the same time last year,” said Gerry Maguire, chair of the Irish Venture Capital Association.
“This worrying trend continued right across all deal sizes from €1-€5m. It suggests that companies are doing well raising early stage seed funding but are struggling to kick on in the next vital …