Funding for Irish startups and scaleups fell by 17pc to €204m in the last quarter of 2023 from €245m a year earlier, according to new figures from the Irish Venture Capital Association.

Deals in the €5m to €10m range were especially badly hit, falling over 50pc to €32m in the last quarter compared to €65m for the same quarter in 2022.

Deals between €10m and €30m were almost as badly hit, falling by nearly half for the quarter (€30m) and for the year (€208m) compared to the same periods a year previously.

It dampened what had been a strong overall year for tech funding in Ireland, with €1.35bn raised over the entire 12 months. This was the most ever recorded by the IVCA, up 2pc on the year before.

However, the last six months have shown a sharp falloff in venture funding for tech startups in Ireland and globally.

Irish Independent 25 February 2024