Tech sector raises €162m

IRISH technology firms raised a combined total of just under €162 million through venture capital investment in the first half of 2011, although a dearth of available funding is anticipated next year.

The €161.9m invested during the first six months of 2011 amounts to a 58% year-on-year rise, according to the latest VenturePulse survey from the Irish Venture Capital Association.

Chairman Maurice Roche said that the figures reflect “a welcome increase, despite the global credit crisis”, but added that a shortfall of up to €1.5 billion over the next five years could be on the cards.