Venture capital investments in Ireland surge to nearly €587m

Productivity software company Tines secured $125m in the largest VC deal of the quarter, bringing its valuation to over $1bn

The strong start to the year was largely due to three deals raising over $100m.

Venture capital investments in Ireland saw a significant increase to $668m (€586.7m) across 28 deals during the first three months of the year driven mainly by a number of larger transactions in tech and medical device companies, a new report shows.

The report by KPMG shows that, in the same period in 2024, there were 17 venture capital deals in Ireland worth just $34m. The strong start to this year was largely due to three deals raising over $100m. 

The largest deal of the quarter amounted to $125m, secured by artificial intelligence (AI) productivity software company Tines, which brought its valuation to over $1bn.

Medical devices firm Fire1 raised $120m while ocean data services company XOcean also raised $120m.

KPMG partner Gavin Sheehan said venture capital investments in Ireland “mirrored” global trends in terms of increased deal sizes and later stage investment “with robust interest in the AI, big data and medtech sectors”.

However, while the increases in investment were positive, the report noted that sentiment among investors in Ireland was cautious particularly when it comes to the second half of this year due to rising geopolitical uncertainties. 

Global venture capital investment stood at $126.3bn across 7,551 deals during the first three months of the year despite geopolitical tensions and concerns over trade.

The overall increase in deal value was largely driven by a series of mega-rounds by AI companies, including a record-setting $40bn raise by OpenAI.

Heading into the second quarter of this year, KPMG said deal volume may “become subdued as investors in Ireland and globally exercise caution amid trade tensions with the US and geopolitical uncertainties”.

“Despite these uncertainties, industries such as AI, health and biotech, and fintech are expected to maintain their appeal for investment and particularly for established start-ups with proven traction.”