Value of Irish VC deals grows 28% in Q2 [Video]

Venture capital deals in Ireland raised $237.5m in the second quarter, an increase of 28% year-on-year, KPMG has found.

A total of 24 VC deals were closed in Q2, the most significant of which was the $110m raised by biotech SynOx Therapeutics, the Dublin-based drug discovery company focused on developing treatments for diffuse tenosynovial giant cell tumors.

Ocean data company XOCEAN raised $32.5m in a Series B funding round, and digital health and wellbeing firm secured $18.3m in new funding while fintech Nory, which aims to use AI to makes restaurants more efficient, raised $16.1m.

The number of deals fell from 33 in Q2 last year, but the value of Irish VC deals increased from $172.5m, with investors making bigger bets on areas such as AI, biotech and fintech.

Globally, VC investment increased from $75.4bn in Q1 to $94.3bn in Q2 fuelled by nine ‘mega-deals each worth more than $1bn, the second-largest total seen …