- 24 venture capital (VC) deals closed in Ireland in Q2'24, worth $237.5 million, representing a 38 per cent increase from Q2'23.
- Q2 saw one $110 million raise by biotech SynOx Therapeutics — a drug discovery company focused on developing treatments for diffuse tenosynovial giant cell tumors.
- The Q4'24 edition of the Venture Pulse report produced by KPMG analyses the latest global trends in venture capital investment data and provides insights from both a global and regional perspective. All figures cited are in USD; data for the report is provided by PitchBook.
Ireland sees venture capital (VC) investment pick up in Q2’24 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 Q2’24, although their focus was somewhat narrow — on areas like AI, biotech, and fintech, according to the Venture Pulse Q2’24 report.
Global VC investment soars
Global VC investment soared from US$75.4 billion to $94.3 billion between Q1’24 and Q2’24, fueled by nine $1 billion mega-deals—the second largest total ever seen in a single quarter. While VC investment rose to a five-quarter high, deals volume fell to 7,691—the lowest level seen globally since Q3’16. AI accounted for over half of the ten largest funding rounds globally during Q2’24 as VC investors continued to pour money into the space.
Meanwhile, VC investment in Europe rose from $13.9 billion across 2,270 deals in Q1’24 to $17.4 billion across 1,869 deals in Q2’24.
The Irish market in Q2'24
Irish and European investors are more confident this quarter.
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 KPMG 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 KPMG 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’s unlikely to see VC investment return to the levels reached in 2021 and 2022. It’s particularly encouraging to see investment and interest in Irish innovative solutions within biotech, ocean data tech, healthtech and AI."
A hint of optimism heading into Q3’24
Heading into Q3’24, VC investment globally and in Ireland is expected to remain relatively steady, with AI continuing to attract a large share of funding.
Scally added, “This surge highlights the growing confidence in Irish startups and Ireland’s innovative potential; we only have to look at the volume of exceptional entries and finalists in this year’s Global Tech Innovator competition 2024; the Irish finalist will be announced in November.”
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.
Key highlight - Q2’24
- Global VC investment rose from $75.4 billion in Q1’24 to a five-quarter high of $94.3 billion in Q2’24.
- Global VC deal volume fell from 9,082 deals in Q1’24 to 7,691 in Q2’24; it was the lowest total of deals seen since Q3’16.
- VC investment in the Americas rose from $39.5 billion across 3,883 deals to $58.3 billion across 3,472 deals between Q1’24 and Q2’24; 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 Q1’24 to $17.4 billion across 1,869 deals in Q2’24.
- In Asia, VC investment remained soft, falling from $20.8 billion in Q1’24 to $17.4 billion in Q2’24—its lowest level since Q1’17.
- Global Corporate VC participating investment rose from $36.2 billion to $41.1 billion between Q1’24 and Q2’24.
- Both the Americas and Europe saw CVC participating investment rise—to $21.9 billion and $8.9 billion respectively; in Asia, CVC participating investment fell from $11 billion to $9.8 billion quarter-over-quarter.
Get in touch
For further information on this edition of Venture Pulse, please contact Anna Scally, Head of Technology and Media and FinTech lead.
Anna Scally
Partner, International Tax & TMT Sector lead for KPMG in EMA
KPMG in Ireland
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Sandra Farrell
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