Tech sector still seeing VC activity

A new report released by the Irish Venture Capital Association reveals that indigenous technology companies are performing relatively well when it comes to raising new funds.

The report, the third of an annual publication shows that last year Irish high tech companies received close to €100m from Irish VC's. This amount was 77% of total funds invested.

The report also reveals that the software sector was the greatest beneficiary, receiving 72% of funds going into the sector.

Ireland proportionately has the highest level of VC investment into the tech sector.

However, despite what seems like good news, the total funds invested in 2001 dropped by over 40%, from €208m in 2000 to €124m last year, although the drop is broadly inline with international trends.

The IVCA is projecting that 2002 is unlikely to better than 2001 although according to one member, "there is still money available for good quality investment proposals."