Brexit shock to hit Irish start-up funding prospects

Sterling’s precipitous fall in the wake of the UK’s decision to leave the EU will not only hit Irish firms’ exports but also limit their funding prospects.

Dublin Startup Commissioner Niamh Bushnell said she expects startups to be adversely affected by Brexit as UK venture capital firms Irish startups look to for funding count the cost of the decision and sterling’s subsequent fall.

Where the euro was worth 78p prior to last Thursday’s vote it had moved to 83p yesterday as sterling’s slide continued.