Venture capital activity collapses

VENTURE capital investment in Irish companies has collapsed 50% year-on-year according to a pan-European survey, which shows the greatest problems in the software sector.

The value of venture capital deals in Ireland has decreased by over 50%, in the third quarter, compared to the same quarter in 2002, according to the survey by Ernst and Young and VentureOne.

The number of deals in the software sector in Ireland has declined by 75% in the third quarter Q3 2003 when compared with Q3 2002.