Irish tech firms raise record €963m in first half of year, driven by four major deals 

Cork company Everseen was among the four firms that recieved more than €30m. Picture: Denis Minihane

Irish tech companies received a record €963m in capital investment during the first half of the year, a new report shows.

However, this funding was driven by large deals secured by four companies which all received more than €30m in the June quarter, including Cork-based retail tech company Everseen.

EV charging frim Jolt Energy raised €150m, AI company Everseen raised €65m, environmental tech company Weev raised €58m, and fintech firm NomuPay raised €50m.

The investment environment remained a difficult one for firms looking for smaller deals though as the number of investments under the €1m range fell by 45% to 27 from 49, according to the latest Irish Venture Capital Association (IVCA) VenturePulse survey.

Startup funding falls

These findings echo a report published by TechIreland, a separate body, earlier this month, which showed startup funding fell dramatically to €460m during the first half of the year, a decrease of 40% compared with the same period a year earlier.

In its Startup Funding Review, TechIreland said the figures were “sobering” and showed investors continued to be spooked by a volatile economic environment of interest rate hikes and stubborn inflation.

“A stronger government response is needed. Ideally, the announcement of a new seed and venture capital scheme with an enlarged budget together with improved incentives to drive angel investment,” said Brian Caulfield, chairperson at Scale Ireland.

Meanwhile, the IVCA has called on the Government to make it easier for foreign direct investment firms to invest directly in Irish start-ups by amending R&D tax credit legislation in the next budget.

IVCA chairperson Denise Sidhu also said companies should be cautious relying on funding coming from outside of Ireland.

“There is a high risk of over dependence on mobile international capital. We need to put in place alternative sources locally,” she said.