Start-up funding up significantly in third quarter, says TechIreland
More than €283 million was invested into 103 Irish Tech Companies in the third quarter of 2024, up 79% compared to the same period last year according to figures from TechIreland. Furthermore, 103 companies raised investment, up from 67 in the same quarter last year. The results follow the record second quarter when companies raised a total of €383 million.
However, as always, the large outliers dominate the numbers. In the last quarter the Dublin and New York based LetsGetChecked raised €138 million in debt, accounting for more than half the total raised. Overall, funding in the third quarter dropped to €144 million, down 10% from the amount raised in the same period last year.
In terms of regional spread, 2024 is shaping up to be one of the best years ever. For the first time, the third quarter saw Galway furthering its reputation as a tech hot spot. Data compiled on the regions and sectors does not include some undisclosed rounds and rounds with undisclosed amounts.
Women-founded start-ups accounted for over 30% of the total funding excluding the outlier, largely due to two sizable rounds by Croivalve (€14.6 million) and Luminate Medical (€13.6 million).
Funding for late seed and Series A (€1-€4 million) was similar to the same period last year and was up on the second quarter. It is encouraging to report that investments at this critical stage have picked up, suggesting that support for early stage tech projects continues to be on track.
For larger rounds, 2024 had one of the best third quarters since 2021.
Despite a poor first quarter there is hope 2024 will end on a positive note following six months of positive figures.
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