Q3 – Good for Women-Founded Tech Companies
11th November 2024
According to the most recent TechIreland report – Q3 2024 startup funding dwindled despite the fact that there was an increase in the number of early-stage rounds.
Notwithstanding two large outliers, funding into Irish Startups was a mixed bag. Let’s Get Checked’s large debt round and Xerotechs €44 M round (reported by TechIreland this quarter) somewhat skew the aggregates, making the number appear more positive that what they really are.
€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. It follows the record Q2 when companies raised a total of €383 M. Overall, this years’ performance to date is better than last year.
As always, the large outliers dominate the numbers. In the last quarter it was Lets’GetChecked, the Dublin and New York based self-diagnostic solutions 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 says TechIreland.
Funding for late seed and Series A (€1M to €4M) was similar to the same period last year and was up on 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 a better year. 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.
Q3 was a good quarter for tech companies with women founders.
Co-Founder & CEO of Croivalve, Dr. Lucy O’Keeffe.
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 – Co-Founder & CEO is Dr. Lucy O’Keeffe) and Luminate Medical (€13.6 M – Co-Founder & CTO is Dr Bárbara Oliveira).
One quarter in itself cannot change the tide. While Q1 2024 was a poor start, the following two quarters have provided us reason to believe that the year will end on a positive note.
Co-Founder & CTO, Luminate Medical, Dr. Bárbara Oliveria
TechIreland’s annual startup funding report is due early in 2025, with detailed analysis on the number of rounds by sector, region, founder diversity and emerging technologies.
To contribute insights and share your own fundraising journey, you can email TechIreland here>>
About TechIreland
TechIreland’s mission is to promote Ireland as an Innovation Hub and is unique in that it is an all-island resource. Freely available to every element of the Irish tech and start-up community, TechIreland connects entrepreneurs with their peers and potential investors.
TechIreland’s portal is a comprehensive repository of information about the Irish Tech Sector and features thousands of indigenous tech startups; corporates, multinationals, services firms and other companies – all well tagged, regularly updated and supporting the Irish tech sector with analysis, insights and publications and curated events.
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(Source: TechIreland)
