Tech Startup Funding and Numbers surge in the Third Quarter

€283 Million was invested into 103 Irish Tech Companies in Q3, up 79% compared to the same quarter last year. The period also saw 103 companies raise investment, up from 67 companies in the same quarter last year. These promising results follow the record Q2 when companies raised a total of €383M. Overall, Irish tech funding to date is very promising.

However, as always, the large outliers dominate the numbers. In the last quarter it was Lets’GetChecked, the Dublin and New York-based company that raised €138 M in debt, accounting for more than half the total raised.

If we exclude Let’sGetChecked, the overall funding in Q3 dropped to €144M, down 10% from the amount raised in Q3 last year. It is encouraging that one Irish company has made it to the top of the funding tables globally, but the drop in funding, when we exclude the outlier, tempers any temptation to be complacent.

Funding for late seed and Series A (€1M to €4M) was similar to the same period last year and was up in quarter 2. It is encouraging to report that investments at this critical stage have picked up, suggesting that support for early-stage tech projects continues to be on track.

For larger rounds, Q3 2024 was one of the best third quarters in many years (other than 2021, the year that broke all records!).

In terms of regional spread, 2024 is shaping up to be one of the best years ever. For the first time, Q3 saw Dublin sinking from the number one spot (if you ignore Let’sGetChecked). Galway continues to shine as a real tech hot spot. Data compiled on the regions and sectors does not include some undisclosed rounds and rounds with undisclosed amounts.

It was a great quarter for tech companies with women founders. Women-founded startups accounted for over 30% of the total funding excluding the outlier, largely due to two sizable rounds by Croivalve (€14.6 M) and Luminate Medical (€13.6 M).

One quarter in itself doesn’t change the tide. While Q1 2024 saw a poor start, the following two quarters have provided us with reason to believe that the year will end on a positive note.

TechIreland’s annual startup funding report is due early in 2025, with a detailed analysis of the number of rounds by sector, region, founder diversity, and emerging technologies.