60% drop in venture capital investment

INVESTMENTS by the Irish Venture Capital Association (IVCA) fell by84 million last year — a 60% drop — with the bulk of investments going into technology companies despite the downturn in the sector.

Irish venture capital investment in 2001 fell to 124m from 208m in 2000.

Investment by the Irish venture capital industry in the indigenous hi-tech sector is holding up reasonably well according to the third Annual Report of the IVCA produced by law firm Matheson Ormsby Prentice (MOP).