Irish SMEs see significant increase in VC funding

By: October 23, 2013
The Irish venture capital community continues to be the main source of funding for Irish SMEs The Irish venture capital community continues to be the main source of funding for Irish SMEs

Irish SMEs raised over €113m in equity investment in the second quarter of this year, an increase of 74% on the same period in 2012.

A total of €164.9m has been raised in the first half of 2013, compared to €116.7m the same period last year, an jump of 41%, according to the latest Irish Venture Capital Association VenturePulse survey.

Stephen Keogh, a corporate partner in William Fry, which acted as legal advisers in over half of the funding rounds in the second quarter suggests, however, that all Irish seed funds are close to being fully invested.

“These funds will need to be renewed if Irish entrepreneurs are to be supported as actively as in the last five years,” he says.

Since the onset of the credit crunch in 2008, approximately 800 Irish SMEs raised venture capital of €1.7bn.