Venture capital (VC) investment in Ireland remained steady in 2024, with signs of recovery toward the end of the year, according to the latest KPMG Venture Pulse report. While overall funding levels saw a decline, the final quarter of 2024 showed a strong uptick, boosting confidence for 2025.
The report reveals that in Q4 2024, VC investment picked up significantly, with 29 deals closed worth $255.16 million, up from 26 deals worth $174.76 million in the same period in 2023. This marked an encouraging rebound after several months of global funding pressures that affected startup ecosystems worldwide. However, total VC investment in Ireland for 2024 reached $627.75 million across 98 deals, an 18% decline from 2023’s total of $764.06 million across 101 deals.
Despite the decline, KPMG’s analysis noted that the Irish market showed resilience, particularly in Q4. Several high-value deals closed during this period, such as Nuitée, a Dublin-based travel tech startup, which raised $48 million in Series A funding, and Dublin’s Nuritas, which secured $42 million in Series C funding for its AI-powered peptide discovery technology.
While sectors like health, biotech, and fintech continued to attract investor interest, emerging areas such as artificial intelligence (AI) also saw notable activity, though primarily in earlier-stage deals. Precision Sports Technology, a company offering real-time feedback on exercise techniques, raised €700,000 in pre-seed funding and an additional €300,000 in the quarter. Bounce Insights, an AI-driven market research platform, raised $4.5 million in funding.
Anna Scally, EMA Region Head of Technology, Media & Telecoms at KPMG, highlighted the strong finish to 2024 and a positive start to 2025. She pointed out that this resilience demonstrated Ireland’s ability to weather global funding pressures, with confidence returning to the market. “AI is really starting to attract interest, and while the deal sizes are still small, it is an area likely to grow significantly over the next year,” Scally said.
As Ireland prepares for the first provisions of the EU AI Act to come into effect on February 2, 2025, companies will need to integrate these regulations into their AI product development, further driving innovation in the sector.
January 2025 has already seen major investments, including Fire1’s $120 million for heart failure device trials and XOcean’s $118 million to boost global growth. With a promising start to the year, Ireland’s innovation ecosystem is well-positioned to capitalize on emerging opportunities in the months ahead.
