📊 Startup Investment in Ireland Rebounds – But Structural Challenges Remain

A comprehensive report by TechIreland, the go-to source for data on Irish innovation

The latest Irish Startup Funding Trends Q1 2024 – Q1 2025 report, published by TechIreland with support from Enterprise Ireland, offers a detailed analysis of the Irish startup investment landscape. TechIreland is a not-for-profit organisation dedicated to mapping Ireland’s innovation ecosystem—tracking startups, scaleups, sectors, regions, and funding trends.

This review provides key insights into the evolution of startup financing over the past year, highlighting sectoral shifts, geographic disparities, funding dynamics, and the outlook for 2025.

🔍 2024: Modest recovery, driven by state-backed early-stage support

Despite global macroeconomic turbulence, startup funding in Ireland grew by 15% in 2024, reaching €978M. However, the number of companies funded dropped to 307, down from 403 in 2023—a 23% decrease.

The most significant decline occurred in Series A and B rounds:

• 📉 Only 24 deals between €3M and €10M, the lowest since 2018
• 📉 Just 40 deals between €1M and €3M, both in volume and value

On the bright side, deals below €1M remained stable, thanks to strong support from Enterprise Ireland, notably through the Pre-Seed Start Fund (PSSF) and the High Potential Start-Up (HPSU) programme.

📌 In 2024, Enterprise Ireland invested over €27.6M in 157 startups, including 90 HPSUs and 23 female-led companies.

🚀 Q1 2025: A record-breaking quarter driven by mega-deals

The first quarter of 2025 saw a dramatic surge in investment:
💶 €634M raised by 79 startups, the highest ever recorded in a single quarter.

More than half of this amount came from just three companies:

• LetsGetChecked (HealthTech)
• XOCEAN (Maritime robotics)
• Tines (Enterprise security)

This high concentration of capital in a few outliers reflects a common feature of the Irish market: a small number of mega-deals heavily skewing overall figures.

🧬 Top sectors: Health, Energy, and Enterprise Software

The HealthTech sector reclaimed the top spot in 2024, thanks to major rounds by companies like LetsGetChecked, Deciphex, and Neurent Medical.

The Energy sector continued its upward trajectory, though with fewer deals.

Enterprise software and cybersecurity, which experienced a funding dip in 2024, bounced back strongly in Q1 2025, with standout raises from Tines, Protex AI, and others.

👩‍💼 Women founders gaining ground

One of the most positive trends in the report is the increase in funding for female-founded companies:

• 💶 €145M raised in 2024, up from €93M in 2023
• 📈 Share of total funding rose from 11% to 15%

Initiatives like Awaken Angels, Ireland’s first women-led angel syndicate, are helping to diversify the ecosystem across the island.

🗺️ Dublin still dominates – regional imbalance persists

Geographic disparities remain stark:

• Dublin-based startups raised 66% of total funding (€645M across 183 companies)
• Only 29% of funds went to companies outside the capital, despite those regions representing 72% of the population

📍 Galway led the regions in funding volume (€132M)
📍 Cork led in number of regional deals

Unlocking more private capital in the regions is essential for long-term resilience and inclusive growth.

🧠 Investor behaviour adapts to global uncertainty

Key investor trends from the report:

• VCs are more selective and cautious, with longer deal timelines
• Venture debt and corporate VC are playing larger roles
• HBAN (Halo Business Angel Network) facilitated €22.5M across 67 companies from Q1 2024 to Q1 2025, including 37% female-led startups
• Angels are increasingly turning to SEIS/EIS funds for diversification

Despite encouraging follow-on activity, the Series A funding gap remains a concern.

🌍 Ireland holds its ground in Europe

• Dublin ranks 35th in the Dealroom Global Tech Ecosystem Index 2025, and 9th in Europe
• Cork is named Ireland’s #1 Rising Star
• Ireland remains in the top 10 European countries for startup investment, even in absolute terms

✅ Conclusion: Opportunity ahead, but sustained effort required

While Ireland’s startup ecosystem shows strong momentum—especially in HealthTech, enterprise software, and energy—structural weaknesses persist:

• A critical Series A+ funding gap
• Over-centralisation in Dublin
• A reliance on a small number of mega-deals
• Regional disparities and limited exit opportunities

Enterprise Ireland’s new five-year strategy (2025–2029) aims to address these issues with an ambitious target: supporting 1,000 new startups, boosting innovation, inclusion, and regional development.

📄 Full report available at: https://techireland.org