SUPPORT for Irish technology companies is gathering pace, according to a survey.

Dublin: Six ambitious Software start-ups and SMEs met six of the countries biggest venture capitalists at the Software Investment Forum.

Businesses seeking access to funds are being urged to look at alternative sources of income in light of the liquidity crisis facing the Irish banking sector.

IRISH firms bucked the international trend, raising almost €220 million in venture capital (VC) investment in the first nine months of the year, an increase of 26% on last year.

A TOTAL of €54 million of venture capital funding was raised by Irish companies during the first quarter of this year, significantly bucking the international trend where spend in leading economies was down on a year-on-year basis.

IRISH companies seeking venture capital funding felt the pinch in the third quarter of the year as the amount raised fell by €5 million to almost €71m.

PROFESSOR Michael Donnelly, chief executive of Growcorp, has been elected chairman of the Irish Venture Capital Association (IVCA).

MANAGING director of ACT Venture Capital, Niall Carroll, has been elected chairman of the Irish Venture Capital Association. He replaces Des Fahey, chief executive of the Dublin Business Innovation Centre, who has completed his term of office.

VENTURE capital investment will have to quadruple to €4 billion over the next five years if marketplace demands are to be met, according to the Irish Venture Capital Association (IVCA).

Ireland now lags Europe in terms of annual venture capital investment as a percentage of GDP, a private equity conference heard today.

IRISH venture capitalists see a major upswing in the sell-off and flotation of start-up companies in which they have invested close to €1 billion.

VENTURE capital figures for last year paint a mixed picture for the sector, especially when it comes to Irish support for the sector.

IRISH venture capitalists’ investments in Irish companies broke all records in 2003 hitting €255m and there is a further €250m looking for suitable deals.

Investment in Irish venture capital companies recovered in 2003, with €255m being invested in 187 companies. €105m was invested in 2002.

VENTURE capitalists have plenty of cash to invest in worthy startup and developing enterprises, the Irish Venture Capital Association (IVCA) declared yesterday.

INVESTMENTS by the Irish Venture Capital Association (IVCA) fell by84 million last year — a 60% drop — with the bulk of investments going into technology companies despite the downturn in the sector.

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.