Investment boost for Irish tech companies - survey

Venture capital investment in Irish technology companies increased 11% from €154.4m in 2003 to €171.6m in 2004, according to the latest Techpulse survey by corporate finance firm Ion Equity.

The increased investment in 2004 reverses three successive years of falling investment while the Techpulse figures show a trend last year of fewer but larger fundraisings by Irish technology companies.

There were a total of 41 fundraisings completed in 2004 compared to 52 in 2003.

“While the number of deals is smaller this year, the higher average investment size shows that those companies being backed are being well-funded giving them a better chance to grow. This is a very positive development for Irish companies”, said Ion Equity chief executive, Neil O’Leary. He added that the average investment in Irish technology companies is now on a par with the rest of Europe.