Irish companies raise over $500m in VC funding in H1 2018

Aug 24, 2018
KPMG has published its Venture Pulse Q2 2018 report, tracking venture capital activity around the globe. The report found that, in the second quarter in Ireland, 14 companies raised $122.47 million between them, bringing total funds raise by Irish companies in H1 to $500 million.

Anna Scally, Partner, Head of Technology and Media and Fintech Lead at KPMG in Ireland commented on the Irish findings: "In Ireland, VC deal volume declined between Q1 2018 and Q2 2018. However to date in 2018, the amount raised by Irish companies (Republic of Ireland only) is over $500 million, made up of  $377.57 million across a number of companies plus the $125 million Intercom deal. This is considerably higher than the same period last year, with an increase also in the number of deals year on year. In Q2 2018 Sublimity Therapeutics, a Dublin-based oral drug delivery company raised $64 million. Phorest, a SaaS company that specialises in computer software for
hairdressers, spas, and beauty salon owners raised over $23 million and Neurent Medical, a Galway based medtech start-up which raised over $11 million.

With General Data Protection Regulation (GDPR) coming into effect in Europe within this reporting period, the report finds that while there may be negative short-term consequences, particularly for start-ups looking to manage the new compliance regime, the benefits of a strong data protection system could make European companies more attractive over the longer term as they become global leaders in how to manage private consumer and employee data.

Scally added: "While the short-term impact of GDPR has caused some diversion for European companies, requiring them to focus on data protection and retention, achieving compliance in this area could generate some significant opportunities in the future. Since GDPR is shaping up to be the gold standard for the security and retention of personal information, compliant companies should be well equipped to compete anywhere in the world."

Source: KPMG.