Technology funding highest since 2001

IRISH technology companies raised €198.2m from venture capital funds last year, the highest level of funding in almost five years.

According to Ion Equity, the total raise is up 18% on 2004 and the number of companies receiving funding was 22%.

Ion Equity director Ulric Kenny said: “The 2005 total is the highest annual investment figure achieved since the bubble years of 2001 and 2002.”

Telecommunications companies saw the largest amount of investment in 2005, attracting 49% of funds raised. The sector also registered the largest investment of the year, €18m in internet service provider Irish Broadband in January 2005.