First quarter blues shrugged off by mid-year upward pattern
Commerce
Picture: Dennis
Greater than €283 million was invested into 103 Irish Tech Firms within the third quarter of 2024, up 79% in comparison with the identical interval final 12 months in line with figures from TechIreland. Moreover, 103 firms raised funding, up from 67 in the identical quarter final 12 months. The outcomes comply with the document second quarter when firms raised a complete of €383 million.
Nevertheless, as all the time, the big outliers dominate the numbers. Within the final quarter the Dublin and New York based mostly LetsGetChecked raised €138 million in debt, accounting for greater than half the whole raised. General, funding within the third quarter dropped to €144 million, down 10% from the quantity raised in the identical interval final 12 months.
By way of regional unfold, 2024 is shaping as much as be the most effective years ever. For the primary time, the third quarter noticed Galway furthering its status as a tech scorching spot. Knowledge compiled on the areas and sectors doesn’t embrace some undisclosed rounds and rounds with undisclosed quantities.
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Girls-founded start-ups accounted for over 30% of the whole funding excluding the outlier, largely as a consequence of two sizable rounds by Croivalve (€14.6 million) and Luminate Medical (€13.6 million).
Funding for late seed and Collection A (€1-€4 million) was much like the identical interval final 12 months and was up on the second quarter. It’s encouraging to report that investments at this essential stage have picked up, suggesting that assist for early stage tech tasks continues to be on monitor.
For bigger rounds, 2024 had the most effective third quarters since 2021.
Regardless of a poor first quarter there’s hope 2024 will finish on a optimistic notice following six months of optimistic figures.
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