Irish VC investment down, but positive interest in tech companies

The Irish market in Q1’24

A diverse range of start-ups attracted VC funding in Ireland during the first quarter, although at relatively small deal sizes. This quarter's largest deal was $7 million raised by Galway-based medtech firm Ceroflo; this investment round will develop a novel technology for the treatment for intracranial atherosclerotic disease, a leading cause of stroke. The next three biggest deals by size were Dublin-based OOHPod, the smart parcel locker service, which raised $5.9 million, Dublin-based MOBY Bikes, the bike sharing start-up, which raised $3 million in equity funding through the Employment & Investment Incentive Scheme, which offers tax relief to investors in qualifying companies and Dublin-based medtech company Coroflo, raised $3 million in equity funding as it prepares for production of its breastfeeding monitor this year.

Commenting on VC activity in Ireland during Q1'24, Anna Scally, Partner, Head of Technology and Media at KPMG in Ireland, said: "Despite a very slow start to the year, interest in Ireland's technology companies remains reasonably positive, with opportunities for companies in the medtech, AI and cleantech areas in particular. Having recently launched the all-Ireland KPMG Private Enterprise Global Tech Innovator competition, we look forward to searching for Ireland's next top tech innovators and anticipate a lot of interest from tech innovators who are developing disruptive solutions but need funding, guidance and expertise to support and accelerate their growth on a global stage.”

Global key highlights – Q1’24

• Global VC investment dropped from $83.8 billion in Q4’23 to $75.9 billion in Q1’24; the number of VC deals dropped from 9,458 to 7,520 over the same period.
• VC investment in Europe rose from $15.1 billion in Q4’23 to $17.9 billion in Q1’24, while it dropped from $43.4 billion to $38.2 billion in the Americas—including from $40.1 billion to $36.6 billion in the U.S.—and from $22.9 billion to $18.9 billion in Asia.
• Global corporate-participating VC investment fell from $40.8 billion to $37.3 billion between Q4’23 and Q1’24, despite an increase from $18.7 to $20.1 billion in the Americas.
• Global exit value dropped from $49.8 billion in Q4’23 to $30.7 billion in Q1’24.
• Exit activity in the Americas rose from $12.5 billion to $18.6 billion between Q3’23 and Q4’24, while exit activity in Asia dropped from $33.9 billion to $10 billion, and from $3.4 billion to $2.1 billion in Europe.
• Total global exit value was very low across exit types in Q1’24, with just $23.2 billion in IPO exit value, $6.9 billion in M&A deal value, and $0.56 billion in buyout deal value.

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