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VC funding surged in first quarter of 2025

Venture-capital funding for Irish small and medium-sized enterprises (SMEs) soared to a record €532.8 million in the first quarter of 2025, according to new figures. 

The amount was the highest recorded for a first quarter and represented an annual increase of more than 100%. 

The figures come from the VenturePulse survey published by the Irish Venture Capital Association (IVCA) in association with law firm William Fry. 

Tariffs impact not captured 

IVCA chair Gerry Maguire pointed out, however, that more than 80% of the total funding in the quarter was due to deals worth over €10 million. 

He said that the picture for start-ups raising under €3 million was “less rosy”, adding that this might reflect an imbalance in the market. 

The first quarter did not capture the impact of US ‘Liberation Day’ tariffs on 2 April. 

Maguire said that anecdotal evidence suggested that the uncertainty and caution caused by this, especially amongst international investors, was likely to show up in the following quarters. 

‘Double-edged sword’ 

Sarah-Jane Larkin (director general, IVCA) said that funding by international venture capital into Irish companies rose to 82% of the total, compared with 71% in the same quarter last year. 

“This is a double-edged sword. While it reflects the high quality and potential of Irish tech firms and demand by overseas investors, it also reflects Ireland Inc’s vulnerability to international influences if the tide goes out,” she stated. 

The survey shows that: 

• Deals worth more than €30 million surged by nearly 90% to €296.8 million,
• Funding in the €10 million to €30 million range rose by 184% to €132 million,
• Deals between €5 million and €10 million grew by 138% to €43.8 million,
• Deals between €3 million and €5 million increased by 346% to €35m from €7.8m the previous quarter,
• Deals between €1 million and €3 million fell by 5% to €21.6 million, and
• Deals under €1 million fell by 42% to €3.6 million. 

Seed funding drops 

There was also a big fall in the number of deals in the category below €1 million – down from 21 to six. 

Seed funding, or first rounds raised by SMEs, fell by 3% to €39.3 million. 

The total number of deals in the first quarter was 43, slightly ahead of the same quarter last year (41). 

The two biggest deals involved life-science company LetsGetChecked, which raised €150 million, and cyber-security firm Tines (€115 million).