Rise in new women-led start-ups masks sharp fall in median funding and deep regional imbalance.
Ireland saw a record number of female-founded companies raise investment in 2025, yet overall capital deployed into women-led firms slipped and the funding landscape became increasingly polarised, according to new figures from TechIreland’s Female Founder Funding Review.
A total of 82 companies secured backing last year, compared with 48 in 2024.
“On the face of it, the numbers held up pretty well, but they conceal a more concerning picture”
Despite this rise in activity, capital raised fell to €131m from €145m the previous year. Much of the decline stems from a contraction in mid‑sized seed and Series A rounds, which industry leaders say is weakening the ability of women-led firms to scale.
“On the face of it, the numbers held up pretty well, but they conceal a more concerning picture,” said Scale Ireland and TechIreland chair and seasoned tech founder and venture capital investor Brian Caulfield. “One standout company, ProVerum, raised €72.7m, and that represented more than half of the total. The median amount raised dropped to just €0.1m, which shows how thin the middle of the market has become.”
ProVerum’s raise dominated the year and helped push HealthTech to the top of the funding tables for a third year. Enterprise Solutions start-ups also expanded their share, accounting for more than 23% of capital raised by female founders.
Dublin continues to dominate fundraising
The review shows a deepening regional divide. Dublin-based firms captured nearly 91% of all funding, driven by the five largest rounds, all of which originated in the capital. Companies outside Dublin represent more than a third of female-founded start-ups but secured just over 9% of the money invested.
“While 37% of companies are based outside Dublin, they receive only a small fraction of the total funding,” said Shorla Oncology co-founder Sharon Cunningham. “It highlights a continuing challenge in accessing follow-on capital beyond the capital city.”
Antrim-based companies raised €5.1m, while Cork secured €2m and Galway €1.2m. Nine other counties each saw funding totals of €0.3m or less.
Enterprise Ireland warns of scaling bottlenecks
Enterprise Ireland said the rise in the number of women-led companies raising funds is encouraging, particularly the surge in early-stage activity. Thirty-six early-stage rounds were recorded in 2025, compared with eight the year before, due largely to demand for the state agency’s Pre Seed Start Fund.
“Access to finance is improving at the earliest stages, and it is heartening to see more women founders coming through,” said Sarah Walker, Startups & Entrepreneurship, Enterprise Ireland. “At the same time, there is a clear need for more scaling capital. We see drops in seed funding and capital raised outside Dublin, and these are structural issues.”
The agency has begun deploying a multistage investment strategy with investments ranging from €100,000 to €2m. It is also planning a €100m Scaling Fund aimed at firms entering global growth phases.
A pipeline strengthening, yet pressure rising
Across Europe, female founder dealmaking hit a three-year high in 2025. Ireland ranked third by number of rounds, behind the UK and Germany, despite its smaller population.
The strong pipeline in Ireland has been driven by public programmes and early investor networks, but analysts warn that the country risks losing momentum without stronger support for companies post-seed.
“Ireland has the pipeline. What it needs next is the infrastructure to scale it,” said Fierce founder Lorraine Curham. “Capital is concentrating in a small number of later-stage deals, and that creates real pressure for founders who are raising to extend runway rather than to fuel growth.”
Sector trends show movement beyond HealthTech
Although the number of HealthTech companies fell, the sector still accounted for 67% of funding due to ProVerum’s outlier round. Activity broadened elsewhere, with Enterprise Solutions rounds rising sharply. Agri and Food funding increased from €3.5m to €3.9m, while Consumer and eCommerce grew to €1.8m. FinTech continued a multi‑year decline, slipping to €2.1m.
Ríona Ní Ghriallais, co-founder and CTO of ProVerum, said the widening base of funded companies was promising but warned that structural challenges persist. “Access to funding is widening, even if overall capital availability has tightened,” she said. “The geographic imbalance and concentration of late‑stage capital remain key obstacles for the ecosystem.”
More first cheques, fewer large rounds
The pattern emerging across 2025 suggests an ecosystem that is increasingly adept at supporting early-stage founders but struggling to provide pathways to scale. Average deal size fell to €2.3m from €3.9m a year earlier. The median dropped from €1.5m to €0.1m.
For many founders, this translated into a more cautious approach. “2025 was about raising smaller rounds to extend runway,” said Cunningham. “We are seeing fewer large rounds and more modest early-stage investments. The pipeline is growing, but capital remains heavily concentrated.”
The TechIreland review concludes that Ireland is producing more women-led start-ups than ever before, but this momentum may only translate into international scale if the hollowed-out middle of the funding market is rebuilt.
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