€56M+ raised by the NDRC startups of the last 3 years

NDRC, Ireland’s national startup accelerator, and an initiative of the Department of, Environment Climate and Communications (DECC), is celebrating three years of building a thriving startup ecosystem across the country. They have announced a 2-year contract extension to continue supporting entrepreneurs and their ambition to make Ireland the best place in Europe to build a startup company.

NDRC operates through a network of innovative startup hubs, including Dogpatch Labs in Dublin, PorterShed in Galway, RDI Hub in Kerry, and Republic of Work in Cork. These hubs serve as connectors, bringing together various stakeholders across the startup ecosystem to support and nurture founders.

The founder-first, entrepreneur-led focus woven throughout programmes has led to over €56M being raised by startups who participated in the programmes over the last 3 years alone, and €180M by the entire NDRC portfolio during the same period, resulting in 650 jobs created, and thousands of individuals supported via educational aspects.

Accelerator startups raised over €35M where examples include IP monitoring software GreyScout (€3.5M), cyber startup Cytidel (€1.35M), and Examfly (€1.5M). In three years, €21M was raised by Pre-Accelerator alumni. Notable examples of this early-stage success include Galway-based ByoWave – a video game controller for gamers with disabilities (€2.4M), and Tipperary-based trio Zerve ($3.8M).

Dee Lyons, a Limerick native and Founder of ExamFly remarked, “We found the support incredible. The focus and accountability have meant that within 6 months, we went from an early-stage startup with some initial validation to an investor-ready business with a strategy and long-term vision.” Lyons was selected for the 2022 NDRC Accelerator and secured €1.5M investment one year later.

NDRC has enjoyed huge support from over 100 founders & operators as mentors who have built or exited companies worth a combined net value of €5Bn including Mark Cummins (sold Pointy to Google for over $100m), Bobby Healy (Former CTO of CarTrawler, valued at over €500M), Áine Kerr (Led Storyful through €18m acquisition), Pat Phelan (Co-Founder SISU, sold Trustev for $40 million), and Jules Coleman (sold Hassle.com for €35m).

Entrepreneurs countrywide enjoyed support and often exclusive mentoring from a range of multinational companies including Open.AI, Google, Stripe, Fidelity, ESB, Microsoft, and Unilever. For example, Open.AI provided €25k credits to a unique NDRC Hackathon in partnership with the ISE course at the University of Limerick.

Ian Browne, NDRC MD for the past 2 years commented on NDRC’s impact on startups, “In a period of momentous change in both the macro and micro environment, we’ve continued to instil this ‘founder-first’ mentality, adapting to startups’ real-time needs, and delivering programmes, which are entrepreneur-led and reflect growing startup trends – whether that’s new topics like Deeptech and Generative AI, or the introducing one of Europe’s first SAFE instruments on ‘founder-friendly’ investment terms to Irish startups.”

Mary Rodgers, CEO at PorterShed, a regional hub partner said, “NDRC has extended PorterShed’s role regionally, offering high-quality early-stage supports to more tech startups in the West and North West. In the PorterShed first 5 years of operation, we’ve helped create 835 high-value sustainable jobs (KPMG validated). We look forward to building on this success through programmes like NDRC, and the welcome news of the 2-year extension.”

During the period a new NDRC Women Entrepreneurs Network was created which now has 400+ members, and to date, 30% of NDRC accelerator investments comprise women-led or co-led startups.

Since 2021, NDRC has managed multiple successful NDRC portfolio company exits, notable examples including 2021 alumnus Robotify which secured a partnership with Apple co-founder Steve Wozniak followed by an acquisition by global edtech Imagine Learning, fintech Chasing Returns was acquired by Nasdaq-listed StoneX group, and SilverCloud was acquired by telehealth giant Amwell, as part of a combined $320m deal.

NDRC then reinvests in new initiatives that support the creation of world-class digital companies, and has funded pilot programmes including Founders Talent Accelerator, 2050 Sustainability Accelerator, First Fridays for Startups, Patch Youth Accelerator, and the NDRC Women Entrepreneurs Network.

Over the past 3 years, NDRC has introduced and open-sourced a founder-friendly SAFE investment instruments. Furthermore, NDRC has facilitated over 600 introductions to investment funds, leading to strategic investments in Irish startups, from Ireland and abroad.

To access the full report, please visit ndrc.ie

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