- 24 venture capital (VC) deals closed in Ireland in Q2'24, worth $237.5 million, up 38 per cent from Q2鈥�23, according to the just released Venture Pulse Q2鈥�24 report.
- 10 FinTech deals closed in Ireland in H1鈥�24 worth $140.8 million, an increase from the $59.2 million across 9 deals seen in H1鈥�23 鈥� which was sharply skewed by one large transaction, according to the Pulse of Fintech H1鈥�24 Report.
- The most significant deal in Q2 was $110 million raised by biotech SynOx Therapeutics 鈥� a Dublin-based drug discovery company focused on developing treatments for diffuse tenosynovial giant cell tumors.
- Venture Pulse and Pulse of Fintech reports produced by 乐鱼（Leyu）体育官网 analyse the latest global and Irish trends in investment data and provide insights from both a global and regional perspective. All figures cited are in USD; data for the reports is provided by PitchBook.
Irish and European investors are more confident this quarter. However, the uncertainties created by the 2024 elections in the US and Europe, together with a sluggish IPO market and relatively high interest rates, mean they will remain cautious.
Key investment areas
The latest edition of the 乐鱼（Leyu）体育官网 Venture Pulse report reveals that venture capital (VC) investment in Ireland experienced a pickup in Q2鈥�24 and saw 24 deals raising $237.5 million an increase of nearly two fifths (38 percent) compared to $172.5 million across 33 deals for the same period last year.
VC investors showed increasing willingness to make bigger bets again in Q2鈥�24, although their focus was somewhat narrow 鈥� on areas like AI, biotech, and fintech. Meanwhile 乐鱼（Leyu）体育官网鈥檚 Pulse of Fintech report for H1鈥�24 has also been released, showing fintech activity also increased significantly in the first half of this year.
Globally, VC investment soared from US$75.4 billion to $94.3 billion between Q1鈥�24 and Q2鈥�24, fuelled by nine $1 billion mega-deals鈥攖he second largest total ever seen in a single quarter.
While VC investment rose to a five-quarter high, deals volume fell to 7,691鈥攖he lowest level seen globally since Q3鈥�16. AI accounted for over half of the ten largest funding rounds globally during Q2鈥�24 as VC investors continued to pour money into the space.
The Irish market in Q2'24
A diverse range of start-ups attracted solid funding rounds during Q2'24 and four deals accounted for three quarters of all Irish VC investment this quarter.
The top four deals included a $110 million raise by biotech SynOx Therapeutics, a drug discovery company focused on developing treatments for diffuse tenosynovial giant cell tumors.
XOCEAN, the ocean data company, raised $32.5 million in a Series B funding round and digital health and wellbeing provider Spectrum.Life secured $18.3 million in fresh funding.
The 2023 乐鱼（Leyu）体育官网 Global Tech Innovator Ireland finalist Nory, a fintech company focused on using AI to help restaurants operate more efficiently, also raised $16.1 million during the quarter.
Commenting on VC activity in Ireland during Q2'24, Anna Scally, EMA Head of Technology, Media & Telecommunications and Head of Technology and Media at 乐鱼（Leyu）体育官网 in Ireland, said: "Irish and European investors are more confident this quarter. However, the uncertainties created by the 2024 elections in the US and Europe, together with a sluggish IPO market and relatively high interest rates, mean they will remain cautious, and it鈥檚 unlikely to see VC investment return to the levels reached in 2021 and 2022. It鈥檚 particularly encouraging to see investment and interest in Irish innovative solutions in biotech, ocean data tech, healthtech and AI.
A hint of optimism heading into Q3鈥�24
Heading into Q3鈥�24, VC investment globally and in Ireland is expected to remain relatively steady, with AI continuing to attract a large share of funding.
Scally added, 鈥淭his surge highlights the growing confidence in Irish startups and Ireland鈥檚 innovative potential; we only have to look at the volume of exceptional entries and finalists in this year鈥檚 Global Tech Innovator competition 2024; the Irish winner will be announced in September.鈥�
AI will likely remain a very hot area in addition to energy and cleantech. As of January 17, 2025, financial institutions in the EU will be required to comply with the Digital Operational Resilience Act (DORA). Given the complexities associated with compliance, there will likely be growing interest in regtechs focused on helping companies comply.
Irish FinTech up to $140.8m, but global fintech declined
The first six months of 2024 were particularly challenging for the fintech market globally, according to 乐鱼（Leyu）体育官网鈥檚 Pulse of Fintech H1 2024 report. Total global fintech investment鈥攊ncluding VC, PE, and M&A deal value鈥攆ell from $62.3 billion across 2,287 deals in H2鈥�23 to $51.9 billion across 2,255 deals in H1鈥�24.
However, the trend in Ireland is positive as $140.8 million was raised across 10 deals in H1鈥�24 compared to $59.2 million across 9 deals in H1鈥�23. It is worth nothing however that activity in H1鈥�24 was skewed significantly by one large transaction 鈥� the $109 million buyout of Ireland-based SoftCo by Keensight Capital.
Other notable deals for the period were ones by Zartis, offering software consulting services, and mobile payment platform CleverCards, both raising just over $10million and $8 million respectively.
Fintech deals provide optimism in Ireland
The volume of early-stage deals has been thriving both because of the interest in new technologies... and newer business models.
Ian Nelson, Head of Financial Services at 乐鱼（Leyu）体育官网 Ireland noted: 鈥淭he first six months of 2024 have been challenging for the fintech market globally amid the high interest rate environment and the significant amount of global geopolitical uncertainty.
However, we can see that, in Ireland, there is interest in strong business cases within the wider fintech space. The volume of early-stage deals has been thriving both because of the interest in new technologies, such as AI applications, and newer business models to meet the changing nature of the financial services sector. We expect to see this continue, in the remainder of 2024.鈥�
Venture Capital: Key global highlights 鈥� Q2鈥�24
- Global VC investment rose from $75.4 billion in Q1鈥�24 to a five-quarter high of $94.3 billion in Q2鈥�24.
- Global VC deal volume fell from 9,082 deals in Q1鈥�24 to 7,691 in Q2鈥�24; it was the lowest total of deals seen since Q3鈥�16.
- VC investment in the Americas rose from $39.5 billion across 3,883 deals to $58.3 billion across 3,472 deals between Q1鈥�24 and Q2鈥�24; the US accounted for $55.6 billion of this total, spread across 3,108 deals.
- VC investment in Europe rose from $13.9 billion across 2,270 deals in Q1鈥�24 to $17.4 billion across 1,869 deals in Q2鈥�24.
- In Asia, VC investment remained soft, falling from $20.8 billion in Q1鈥�24 to $17.4 billion in Q2鈥�24鈥攊ts lowest level since Q1鈥�17.
- Global Corporate VC participating investment rose from $36.2 billion to $41.1 billion between Q1鈥�24 and Q2鈥�24.
- Both the Americas and Europe saw CVC participating investment rise鈥攖o $21.9 billion and $8.9 billion respectively; in Asia, CVC participating investment fell from $11 billion to $9.8 billion quarter-over-quarter.
Fintech H1鈥�24鈥擪ey global highlights
- Total global investment in fintech fell from $62.3 billion across 2,287 deals in H2鈥�23 to $51.9 billion across 2,255 deals in H1鈥�24.
- In the Americas, total investment fell from $38.5 billion to $36.7 billion between H2鈥�23 and H1鈥�24鈥攊ncluding from $35 billion to $27.4 billion in the US鈥� while in EMEA it fell from $19.1 billion to $11.4 billion, and in ASPAC it dropped from $4.6 billion to $3.7 billion.
- Fintech deal volume in the Americas rose from 1,066 to 1,123 deals between H2鈥�23 and H1鈥�24鈥攊ncluding from 866 to 916 deal in the US鈥攚hile it rose from 406 to 438 deals in ASPAC; deal volume dropped in the EMEA region from 804 to 689 deals.
- Global M&A deal value was $32.6 billion across 264 deals globally in H1鈥�24. The Americas attracted $26.8 billion across 130 deals, EMEA attracted $5.5 billion across 102 deals, and ASPAC attracted $310 million across 31 deals.
- Global VC investment was $18.3 billion in H1鈥�24, of which the Americas saw $9.3 billion鈥攊ncluding $7.6 billion in the US鈥擡MEA saw 5.4 billion, and ASPAC saw $3.4 billion.
- Global PE investment was just $979.5 million in H1鈥�24. The US accounted for all $568.9 million in PE investment in the Americas, while EMEA saw $402.8 million, and ASPAC saw just $7.8 million.
- Corporate CVC investment accounted for $8.5 billion in VC investment in H1鈥�24, including $4.4 billion in the Americas ($3.6 in the US), $2.23 billion in the EMEA region, and $1.7 billion in ASPAC.
- Payments accounted for the largest proportion of fintech investment in H1鈥�24, attracting $21.4 billion.
- Regtech investment reached $5.3 billion at mid-year鈥攁lready well ahead the $3.4 billion seen during all of 2023.
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Anna Scally
Partner, EMA Region Head of Technology Media & Telecoms
乐鱼（Leyu）体育官网 in Ireland
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Partner, Head of Financial Services & Regulatory
乐鱼（Leyu）体育官网 in Ireland
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