09/12/2022
IRISH TECH RAISED RECORD VC FUNDING OF €778m IN FIRST HALF OF 2️⃣0️⃣2️⃣2️⃣.
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The latest IVCA report found that there was a 50pc fall in overseas funding for Irish in the second quarter of the year.
tech companies raised record levels of in the first half of this year, but a slowdown in the second quarter could threaten the outlook for the rest of 2022.
That’s according to a report published today (11 September) by the Irish Venture Capital Association (IVCA). It found that in Irish companies rose by 21pc to a record €778.1m in the first half of the year.
The noted that this performance was largely due to a strong first quarter, when reached €379.7m. The second quarter, however, saw a slowdown with only a 2pc rise to €398.4m compared to last year’s record second quarter.
“It was a strong first half overall for Irish tech companies raising funds, especially when one considers the geopolitical and economic headwinds and downturn in publicly quoted technology stocks over this time,” said IVCA chair .
“It remains to be seen whether the significant slowdown in growth in the second quarter to under 2pc heralds a more difficult second half to the year.”
Hamill, who took over as chair of the IVCA in July, said that there was a 50pc fall in funding into Irish tech companies in the second quarter – from €303m to €152m.
“This over-reliance on foreign investment threatens Ireland’s ability to continue to develop indigenous world-class technology companies,” he said.
“The tide of available global capital is starting to go out, which highlights the importance of our pre-Budget submission recommending measures to boost domestic sources of funding.”....
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The latest IVCA report found that there was a 50pc fall in overseas funding for Irish tech companies in the second quarter of the year. Irish tech companies raised record levels of venture capital funding in the first half of this year, but a slowdown in the second quarter could threaten the outlook...