VC Investment in Ireland Experienced Slower Q3 After Strong Q2 2024 – Research Report

Venture capital (VC) investment in Ireland experienced a slower Q3 after a strong Q2 in 2024, according to the  KPMG Venture Pulse report.

As stated in the research report, 28 venture capital (VC) deals worth $100.9 million closed in Ireland in Q3’24, down 59 percent from Q3’23.

The KPMG report further noted that a diverse range of start-ups continued to attract VC funding in Ireland during Q3’24, although at “relatively small deal sizes Top two deals from Galway-based medtech Luminate Medical and medical device company Loci Orthopaedics.”

As mentioned in the report, Budget 2025 measures and a new Seed and Venture Capital Scheme are now expected to “foster growth and innovation.”

The Q3’24 edition of the Venture Pulse report produced by KPMG analyzes the latest global trends in venture capital investment data and “provides insights from both a global and regional perspective.”

All figures cited are in USD; data for the report is provided by PitchBook.

Irish start-ups raised $100.9 million across 28 deals, “representing a 59 percent drop compared to the $244 million raised in Q3’23 across 18 deals.”

While in Q2’24, 24 VC deals closed “worth $237.5 million, including a $110 million raised by biotech SynOx Therapeutics.”

Activity levels in Ireland follow the global trend, which was “relatively soft in Q3’24. Global VC investment fell from a five-quarter high of $95.5 billion in Q2’24 to a nearly seven-year low of $70.1 billion in Q3’24, amid ongoing geopolitical conflicts, the continued exit drought, anticipated seasonal lulls in investment in several key jurisdictions, and the uncertainty driven by the upcoming US presidential election.”

The recent announcement of “a new Seed and Venture Capital Scheme will inject a record $275 million into the ecosystem and offers a promising boost.”

The report also stated that this quarter’s largest deal ‘was Galway-based medtech Luminate Medical, which raised $15 million to bring cancer care to more patients in their homes.”

The KPMG report pointed out that the “following two most significant deals were Galway-based medical device company Loci Orthopaedics, which raised $13.8 million in a series A funding round and Dublin-based developer of credit risk management platform Atlax 360, which raised $13.45 million.”

According to the KPMG research report, these deals reflect “continued interest in the medtech and fintech sectors, which have remained resilient despite a more challenging investment climate.”

As stated in the KPMG report, the last quarter in 2024 will remain “challenging, but with stabilising economic conditions and falling interest rates, there is optimism that investment will begin to pick up in 2025. Sectors such as AI, health tech, and cybersecurity are likely to remain focal points for investors.”

The report added that global VC investment dropped “from $95.5 billion in Q2’24 to $70.1 billion in Q3’24; the number of VC deals dropped from 9,270 to 7,227 over the same period.”

The KPMG update pointed out that VC investment in the Americas “dropped from $58.6 billion in Q2’24 to $41.4 billion in Q3’24—including from $55.5 billion to $37.5 billion in the US; in Asia, VC investment dropped from $18.5 billion to $15.6 billion, while in Europe it dropped from $17.9 billion to $12.5 billion.”

The report also revealed that global corporate VC investment “fell from $54 billion to $35.2 billion between Q2’24 and Q3’24; this included declines from $34.4 billion to $19.6 billion in the Americas—including from $32.7 to $17.8 billion in the US—from $10.7 to $9.4 billion in Asia, and from $8.5 billion to $5.9 billion in Europe.”

The report also noted that global exit value “dropped from $52.9 billion in Q2’24 to $39.2 billion in Q3’24.”

The report added that exit activity in Asia rose “from $11.2 billion to $18.2 billion quarter-over-quarter, while it fell from $25.4 billion to $11.2 billion in the Americas, and from $16.3 billion to $9.8 billion in Europe.”

The report concluded that global fundraising activity was “well off the pace” needed to match even 2023’s subdued total of $202.8 billion; at the end of Q3’24, global fundraising “stood at $143.1 billion.”



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