Venture Capital

Record levels of venture capital investment in Irish companies in Q2


Irish companies secured record levels of venture capital investment in the second quarter of this year.

PMG’s latest Venture Pulse report shows Irish companies raised $641.5m (€542.7m) in venture capital funding from 33 deals in the three months to June 30.

This rebound in activity follows first quarter investment of 24 deals totalling $125.4m (€106m).

The bulk of this funding went to LetsGetChecked, a Dublin based developer of a medical health testing platform designed to connect customers and global labs for personal health testing, which raised $150m during the period.

Other notable deals during the period include TechMet, a Dublin headquartered investor in rare metals used in electric vehicles and tech products, which raised $120m.

Dublin-based biopharmaceutical company GH Research, which develops novel therapies for the management of mental illness, raised $125m. The funds will be used to support further clinical development of drug products for psychiatric and neurological disorders.

Fintech Wayflyer raised $76m in venture capital investment during the period, while Ecocem, a so called ‘green’ cement company founded in Dublin in 2003, raised $27m. Ecocem will use the investment to bring new ultra-low-carbon cements to the market over the coming years.

Anna Scally, partner and fintech lead at KPMG in Ireland, said the record investment levels in quarter two shows how well Irish companies have reacted and adapted to the Covid-19 crisis.

“Irish businesses are providing solutions to issues we couldn’t have imagined two years ago and unsurprisingly, health, biotech and tech solution companies attracted keen investment,” Ms Scally said.

“We’re seeing support for companies which are developing life enhancing products and services for our ‘new normal’ and I expect that trend to continue through the remainder of the year,” she added.

Other deals of note during the period include a $26m raise by Dublin-based cybersecurity automation start-up, Tines, a $25m raise by Manna drone delivery service, and a $17.3m raise by Vela Games, a Dublin based game studio.

Global venture capital investment increased to $157.1bn across 7,687 deals in quarter two from $147.2bn across 8,557 deals in the first three months of this year.

Venture capital investment in Europe reached $34bn across 1,848 deals in quarter two – up from $23.9bn across 2,150 deals in quarter one.


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