She stressed that this can be achieved at no cost to the Exchequer and urged the Government as part of Budget 2022 to establish a working group to advise on how best to implement this.
Sarah-Jane Larkin, director general, Irish Venture Capital Association, said that funding for the half year had increased across all deal sizes with the exception of those in the €5-€10m range which fell by 10% to €77.7m.
“In terms of the important start-up and early stage companies there was a fall of 47% in the value of deals in the €1m-€5m range in the second quarter to €21.6m and a 42% drop in the number of deals. We hope this was just a temporary blip as the half year performed well with an increase of 15% in the €1m-€5m range to €91.9m and a rise of 19% in the number of deals from 37 to 44.”
Deals below €1m, largely comprised of investment in earlier stage companies, rose by 22% in the first half to €26.2m. The number of deals rose by 16% to 64.
Reflecting a trend across Europe there were significant increases in larger investments in the second quarter. Deals over €30m were up 34% to €185m as a result of investments in life sciences diagnostics company, Let’s Get Checked which raised €123m, and fintech company, Wayflyer which raised €62m. Deals in the quarter over €10m also increased, by 4% to €116m.