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Irish Tech Companies Raise €76m in Second Quarter According to IVCA VenturePulse Survey

The IVCA VenturePulse survey measures funding raised from domestic and international venture capital funds, from AIB and Bank of Ireland seed capital funds, Enterprise Ireland and from private investors including angels.

€57m of the funds raised were for follow on or expansion investment. Of this 45% was provided by Irish venture capitalists with 55% provided through syndicated deals by international venture capitalists. These funds will be used to scale up the international business opportunities of indigenous Irish SMEs.

"The pattern is that for every €1 invested by Irish VCs, an additional €1.20 is brought in from abroad into Irish SMEs," commented Regina Breheny, director general, IVCA. "As part of the due diligence process international investors like the reassurance that local VC investment provides."

The survey finds that first round funding in Ireland remained steady at 25% of funds raised, similar to levels experienced throughout 2009 and up from 21% in 2008 and 6% in 2007. These funds were provided mainly by private investors.

50 high tech companies raised money in the second quarter compared to 35 in the same period last year. Venture capital investment accounted for three quarters of the funds raised. 14 Irish based venture capital funds were involved in funding 19 companies and 19 international funds invested in 13 companies.

About IVCA

The Irish Venture Capital Association is the representative organisation for venture capital firms in Ireland. Irish VCs currently have €1.4 billion under management and have access to an additional €800m for investment in start-ups and scaling opportunities.

For press queries, interview or photo please contact:
Irish Venture Capital Association
Regina Breheny, Director General
Tel: + 353 87 0517754
or
Simpson Financial & Technology PR
Kerri Crowley
Tel + 353 1 260 5300
Email: kerri@simpsonftpr.ie