Consulting firm KPMG has released its quarterly Venture Pulse report, which says that Ireland attracted more VC investment in Q2 of 2021 than any previous quarter.
During the three months to 30 June, 33 venture capital deals involving Irish start-ups closed, representing a total value of €540.5m ($641.5m). By comparison, Q1 saw 24 Irish-involved deals totalling €105.6m ($125.4m). Previous record quarters for Ireland were Q2 of 2018 at €435.5m ($517m) and Q2 of 2019 at €434.2m ($515.5m).
The most valuable VC deal in the period was LetsGetChecked’s $150m Series D round. The health testing kit start-up is now valued at more than $1bn and has attracted repeated investment from pro golfer Rory McIlroy. Next was biopharma outlet GH Research’s $125m Series B raise, and mining investor TechMet’s $120m round. Wayflyer, an e-commerce growth platform, raised $76m of Series A funding, and green cement start-up Ecocem came fifth with a $27m deal.
Anna Scally, partner and fintech lead at KPMG Ireland, commented: “The record investment levels in Q2 2021 demonstrates how well Irish companies have reacted and adapted to the Covid-19 crisis. Irish businesses are providing solutions to issues we couldn’t have imagined two years ago and unsurprisingly, health, biotech and tech solution companies attracted keen investment.
“We’re seeing support for companies which are developing life enhancing products and services for our ‘new normal’ and I expect that trend to continue through the remainder of the year.”
Q2 was a record period for VC investment globally, according to the KPMG report, with $157.1bn invested across more than 7,600 individual deals. Europe and the Americas saw regional record quarters, as did the US, India, the UK, Canada, Brazil, the Netherlands, Australia and many other countries. Europe was the site of 1,848 VC deals worth a combined $34bn.
Scally continued to praise Ireland’s performance, saying: “Similar to last quarter, investment was spread across a number of sectors and I’m especially encouraged to see innovative green solutions and family businesses featuring in this quarter’s list, along with health and tech companies. As the green agenda continues to be a dominant boardroom issue, we will likely see even more innovative solutions emerge in this space from Irish companies in the future.”
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