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      Venture capital (VC) investment in Ireland experienced a slower Q3 after a strong Q2 in 2024, according to the latest KPMG Venture Pulse report.
      • 28 venture capital (VC) deals worth $100.9 million closed in Ireland in Q3'24, down 59 percent from Q3'23
      • A diverse range of start-ups continued to attract VC funding in Ireland during Q3'24, although at relatively small deal sizes
      • Top two deals from Galway-based medtech Luminate Medical and medical device company Loci Orthopaedics
      • Budget 2025 measures and a new Seed and Venture Capital Scheme to foster growth and innovation
      • The Q3'24 edition of the Venture Pulse report produced by KPMG analyses the latest global trends in venture capital investment data and provides insights from both a global and regional perspective. All figures cited are in USD; data for the report is provided by PitchBook.

      Irish start-ups raised $100.9 million across 28 deals, representing a 59 percent drop compared to the $244 million raised in Q3'23 across 18 deals. While in Q2’24, 24 VC deals closed worth $237.5 million, including a $110 million raised by biotech SynOx Therapeutics.

      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 $95.5 billion in Q2’24 to a nearly seven-year low of $70.1 billion in Q3’24, amid 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.

      The recent announcement of a new Seed and Venture Capital Scheme will inject a record $275 million into the ecosystem and offers a promising boost.
      Anna Scally

      Partner, Head of Technology Media & Telecoms, Ireland and EMA

      Top deals in Ireland

      This quarter's largest deal was Galway-based medtech Luminate Medical, which raised $15 million to bring cancer care to more patients in their homes. The following two most significant deals were Galway-based medical device company Loci Orthopaedics, which raised $13.8 million in a series A funding round and Dublin-based developer of credit risk management platform Atlax 360, which raised $13.45 million. These deals reflect continued interest in the medtech and fintech sectors, which have remained resilient despite a more challenging investment climate. 

      Government supports for start-ups

      Commenting on VC activity in Ireland during Q3'24, Anna Scally EMA region Head of Technology & Media, and Partner KPMG in Ireland said: “Following a strong Q2’24, VC investment in Ireland saw a significant slowdown in Q3’24, as both traditional and corporate VCs pulled back. However, the recent announcement by the Government of a new Seed and Venture Capital Scheme, set to operate from 2025 to 2029 will inject a record $275 million into the ecosystem and offers a promising boost. Administered by Enterprise Ireland, this scheme will provide essential funding for early-stage Irish companies. As VCs continue to seek opportunities to support scaling businesses, this initiative will be vital in fostering growth and innovation.”

      "Budget 2025 introduced expanded Capital Gains Tax (CGT) relief for Angel Investors, making it easier for them to support start-ups and scaling businesses. The reduced CGT rates of 16% (or 18% through partnerships) apply to investment gains, and the lifetime limit for relief has been increased from €3 million to €10 million. With the increased relief cap, investors should have greater motivation to inject capital into early stage companies, helping them scale and, in turn, contribute to the Irish economy's growth. That said, certain of the terms and conditions applying to the relief are not ideal, and it is hoped that they can be improved in subsequent budgets."

      Trends to watch for in Q4'24

      The last quarter in 2024 will remain challenging, but with stabilising economic conditions and falling interest rates, there is optimism that investment will begin to pick up in 2025. Sectors such as AI, health tech, and cybersecurity are likely to remain focal points for investors.

      With the KPMG Global Tech Innovator final taking place on November 13 in Lisbon, best of luck to Irish finalist Emma Meehan, founder of Precision Sports Technology, as she prepares to represent Ireland, competing with tech innovators from 23 other countries.

      Global key highlights – Q3’24

      • Global VC investment dropped from $95.5 billion in Q2’24 to $70.1 billion in Q3’24; the number of VC deals dropped from 9,270 to 7,227 over the same period.
      • VC investment in the Americas dropped from $58.6 billion in Q2’24 to $41.4 billion in Q3’24—including from $55.5 billion to $37.5 billion in the US; in Asia, VC investment dropped from $18.5 billion to $15.6 billion, while in Europe it dropped from $17.9 billion to $12.5 billion.
      • Global corporate VC investment fell from $54 billion to $35.2 billion between Q2’24 and Q3’24; this included declines from $34.4 billion to $19.6 billion in the Americas—including from $32.7 to $17.8 billion in the US—from $10.7 to $9.4 billion in Asia, and from $8.5 billion to $5.9 billion in Europe.
      • Global exit value dropped from $52.9 billion in Q2’24 to $39.2 billion in Q3’24.
      • Exit activity in Asia rose from $11.2 billion to $18.2 billion quarter-over-quarter, while it fell from $25.4 billion to $11.2 billion in the Americas, and from $16.3 billion to $9.8 billion in Europe.
      • Global fundraising activity was well off the pace needed to match even 2023’s subdued total of $202.8 billion; at the end of Q3’24, global fundraising stood at $143.1 billion. 

      Get in touch

      For further information on this edition of Venture Pulse, please contact Anna Scally, Head of Technology and Media. We'd be delighted to hear from you.

      Anna Scally
      Anna Scally

      Partner, Head of Technology Media & Telecoms, KPMG in Ireland and EMA

      KPMG in Ireland

      Media queries

      If you’re a media professional and have any questions about this article or would like to speak to one of our experts for background or interview purposes, please don't hesitate to reach out to us. Contact Kathryn Moley of our Communications team for more information.

      Kathryn Moley
      Kathryn Moley

      Communications Manager

      KPMG in Ireland

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