Start-up capital investment drops but more deals done [Video]

Funding of Irish start-ups dropped to €847m in 2023 from €1.3bn in 2022, reflecting broader global trends and a decrease in later stage rounds, which rely more on foreign investors.

TechIreland’s Start-up Funding Review tallied a record 403 tech companies on the island in 2023, a 44% increase in the number of deals the previous year.

The increase was due to the large number of early stage investments. Seed to Series A rounds held up, with an increase in €1m to €5m deals.

Last year, the number of deals over €5m dropped to 28 from 48 the previous year, and the total value of investments fell 45%.

The top 10 investments comprised less than 45% of the total, a big reduction on previous years.

Cork based Everseen raised €65m, followed by Weev in Belfast and Dublin’s Ocuco each raising €60m.

Four companies from outside Dublin feature on the top 10, including Tipperary’s Shorla Oncology (€32m) and Galway based Vivasure Medical (€30m).

In …