Ireland has always been a treasured destination for both its residents and travellers. The country is probably most well-known for its Irish stout, Guinness. It certainly is iconic to the Irish and one of the country’s most famous attributes. Traditional Irish pubs line the streets, with festive atmospheres and hearty food. Not to be forgotten is the celebration of St Patrick’s Day celebrated on March 17, where Irish culture is honoured with festivities and wearing green.
Aside from its heritage, Ireland provides an ideal location for startups. According to the Irish Examiner, more than 22,500 businesses were registered in 2023, the highest record since 2017. Out of all the counties, Offaly had the highest increase b y 28% from 2022.
What Makes Ireland A Good Location For Startups?
The country has an advantageous tax environment for businesses. The corporate tax rate is 12.5%, making it one of the lowest compared to other areas, especially European nations. It offers tax incentives too, including the R&D Tax Credit. Startups can use this to claim a tax credit for research and expansion activities.
Ireland has a thriving tech scene, and is the home of the European headquarters of global tech companies such as Facebook and Apple. For startups, especially those in the tech industry, it’s a welcoming environment to learn from these multinational corporations.
It boasts a highly-skilled workforce in the science, technology, engineering and mathematics fields. With such an emphasis on innovation, it serves as an inspiration for entrepreneurs to start their ventures.
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10 Irish VCs Investing In Early Stage Startups
Securing the right amount of financial backing is the foundation for any startup looking for rapid growth. For those who have high growth potential, there are many venture capital firms in Ireland who can offer that funding. Let’s take a look at a few of them.
1. Delta Partners
Delta Partners focuses solely on investing in Ireland-based startups who are in their foundation stage. Over the years, they have invested in more than 140 businesses. The firm’s goal is to help entrepreneurs create solid company foundations with milestone-focused, capital-optimising cultures that will last for the company’s lifetime. Delta is currently investing and has more than £1.8 billion exit returns to date.
2. Elkstone Ventures
Elkstone Ventures is a family-run firm dedicated to investing in founders who have a global ambition to grow and succeed. They have invested in more than 50 startups, and created over 1000 employment opportunities in doing so. The firm has raised more than £600 million in follow-on funding, and has backed two Irish unicorns at their seed stage.
3. Frontline Ventures
Frontline Growth assists B2B-software startups with expanding into Europe and the US. 60% of their portfolio has successfully expanded globally while 75% have graduated to Series A funding. The average European rate for this is just 15%. Focusing on Pre-Product, Pre-Seed or Seed-Stage, the firm plans to be the first institutional investor in the B2B-software industry.
4. Sure Valley Ventures
Sure Valley Ventures is a venture capital firm that assists early-stage software startups with funding. They specialise in the areas of AI & ML, immersive tech, metaverse and security. Founded in 2017, the firm has invested in 3o startups who are at the forefront of AI innovation. Their portfolio currently holds £135 million third-party investments.
5. Venture Wave Capital
Venture Wave invests in startups who produce products or services that have a positive social impact, and incorporate the United Nation’s Sustainable Development Goals. They focus on four technology sectors, namely education, cleantech, health and wellness, and agriculture. Within these sectors, the firm invests in cloud-based software companies as the Venture Wave team have a core understanding of this area and can offer their expertise and insight.
6. Heritage Ventures
Heritage Ventures is an Ireland-based investment company with the goal of helping IT and tech startups to reach their full potential. They offer funding between £500 000 and £2 million. Aiming for global reach, the firm aims to maximise tech trends to establish scalable global-orientated businesses.
7. The Yield Lab
The Yield Lab is the leading funder of early-stage startups in the food and agricultural sectors. The firm currently has 29 companies in their portfolio, and £55 million in funds under management. For startups seeking investment, they offer between £100,000 and £3 million in the pre-seed to Series A range.
8. Fountain Healthcare Partners
Fountain Healthcare Partners is a venture fund who offers risk capital and expertise to startups in the life sciences industry. The sectors include speciality pharma, biopharmaceuticals, medical devices and diagnostics. They provide funding between £10 and £15 million to startups with potential for a strong exit within 4 to 6 years.
9. Enterprise Equity Venture Capital
Based in Dublin, Enterprise Equity Venture Capital has invested in 88 startups with 276 investments and follow-ons. The firm investors in most sectors, aside from property, leisure or retail businesses. Their individual investments range between £1.5 and £2 million, with an exit timeline of between 4 and 7 years.
10. Act Venture Capital
Act Venture Capital has raised £600 million in investment funding, with 79 exits and 230 backed founders. The firm has made 139 investments to date in Seed and Series A funding. They invest primarily in the tech sector, with the goal of building long-term relationships with founders.
