Irish tech firms raised almost $500m in Q3

Investment in Irish companies in 2021 to date now tops $1.4bn.

KPMG’s global Venture Pulse Q3 2021 report shows that 43 deals involving Irish companies closed in the period, totalling $472.8m.

This is slightly behind the record investment levels of $641.5m in Q2 of this year, but trending well ahead of previous Q3 totals of $189.6m in 2020 and $178.1m in 2019.

“This bodes well for the future as it’s clear international investors continue to see immense value in the quality of innovation happening in Ireland”

Globally, the picture was similar, with Q3’21 setting a record for the third consecutive time with $171.7 billion invested across 8,882 deals.

Venture capital (VC) investment in Q4 2021 is expected to remain very healthy globally, according to KPMG.

Two Irish companies which were shortlisted for the recent KPMG Global Tech Innovator Ireland Qualifier competition also secured deals in this quarter.

Dataships, a Dublin-based company specialising in automating compliance for data protection and privacy laws, secured $3.1m and Belfast-based CattleEye, a livestock-monitoring tech company, secured $3.1m.

CattleEye, led by CEO Terry Canning, won the Irish competition and went on to represent Ireland at the KPMG Global Tech Innovator competition held during the Web Summit in Lisbon.

Deal volume

“VC investment in Ireland tends to slow down in the third quarter, so it’s incredibly encouraging to see both significant deal volume and deal value on the back of a record quarter in Q2,” said Anna Scally, Partner and Fintech Lead at KPMG in Ireland.

“Irish VC investment totals also tend to be carried by a small number of large deals, we’re seeing a lot of investment around the $5 – 20m bracket across a range of sectors. This bodes well for the future as it’s clear international investors continue to see immense value in the quality of innovation happening in Ireland.

“It’s perhaps surprising to see no standout green innovation investments made in Irish companies in Q3, but with all eyes on the COP26 conference in Glasgow and its outcomes, I would expect to see sustainable solutions, greentech, and climatetech being high on the agenda in Q4 and into 2022.

“There is certainly a big opportunity for Irish companies to play a part in green innovation,” said Scally. 

John Kennedy
Award-winning ThinkBusiness.ie editor John Kennedy is one of Ireland's most experienced business and technology journalists.

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