Venture capitalist funding into small and medium sized Irish firms suffered a dramatic decline as investment continues to shrivel amid challenging economic conditions, a new survey showed.
VC funding into SMEs fell by just under 40% to €190m in the three months to September, compared to €309m in the same period a year earlier, according to the Irish Venture Capital Association (IVCA) in its Venture Pulse survey.
“The Irish third quarter data raises alarm bells, as the value of deals across all sizes fell significantly, with the exception of those under €1m,” said Denise Sidhu, IVCA chairperson.
Four large deals drove the total investment into Irish firms. Software firm Ocuco secured €60m, life sciences company Shorla oncology received €32m, environmental business UrbanVolt gained €26m and another life sciences company ProVerum secured €15m.
The value of deals in the €5m to €10m range dropped by 76% and smaller deals continue to struggle as transactions between €3m and €5m declined by 34% to €194m compared to almost €300m in the same period las year.
Overall funding for the nine months to end September “just about held up” said Ms Sidhu, as SMEs witnessed an increase of 6% to just over €1bn.
IVCA director general Sarah-Lane Larkin said the new downward trend could be attributed to the falling value of international VC investment in recent months.
In the third quarter, international VC investment fell by 69%, or by over €120m.
“The reliance on international VC investors at a time when US venture capital and private equity investment has slowed significantly, emphasises the need for Ireland Inc to build local private funding sources in order to combat global dependence and headwinds,” said Ms Larkin.
The survey also showed that the sectors most successful in raising funding in the first nine months included clean energy which raised €580m or 50% of total VC investment, followed by life sciences at €157m, software secured €92m and AI and machine learning received €88m while Fintech raised €82m.
The Irish Venture Capital Association is the representative organisation for venture capital and private equity firms in Ireland.
An independent DCU report released in January 2020 found that Irish venture capital and private equity firms have invested €5bn in Irish SMEs since 2003 and, through syndication, have attracted in a further €3bn in funding from international firms.
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