In a climate marked by cautious and somewhat slower venture capital (VC) investment processes, the Irish VC landscape was stable through Q3’25, with sectors such as medtech and AI attracting investment, according to the latest edition of Venture Pulse from KPMG, a quarterly report tracking investment trends globally across major regions around the world.
In brief:
- 14 venture capital (VC) deals closed in Ireland in Q3'25, worth $150.1 million, broadly stable when compared with the previous quarter Q2’25, according to the latest Venture Pulse Q3’25 report.
- Two biggest deals were ProVerum which secured $80 million, and Nory AI, which raised $36 million.
- Venture Pulse reports produced by KPMG 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 VC market in Q3'25
In Q3'25, investors remained cautious amidst geopolitical tensions and uncertainties surrounding potential tariff impacts on the economy. The Irish VC market reported a total of 14 deals, raising $150.1 million, compared to the previous quarter where 20 deals raised $136.4 million, representing a modest 10 percent increase.
The two biggest deals were ProVerum, a medtech company that secured $80 million, and Nory AI, an AI-powered operating system for the hospitality industry, which raised $36 million. Nory AI won the KPMG Global Tech Innovator Ireland final in 2023. Both significant investments underscore the continued investor interest in innovative sectors.
Commenting on VC activity in Ireland during Q3'25, Gavin Sheehan, Partner, Deal Advisory at KPMG in Ireland, said:
“VC investment in Ireland took a bit of a breather in Q3'25 as investors continued to pause in the face of geopolitical tensions and concerns regarding potential impacts tariffs may have on the broader economy. Post the EU-US Trade agreement in August there is some hope that investor sentiment will pick up as we head towards the end of the year.
Despite the relatively slow investment environment, there was continued interest across medtech and AI businesses, with Proverum and Nory AI two of the larger raises towards the end of the quarter.”
European and global trends
VC investment in Europe rose from $15.2 billion in Q2’25 to $17.4 billion in Q3’25, though overall deal volume remained soft — falling from 2,085 to a ten-year low of 1,625 quarter-over-quarter. The AI sector was incredibly hot in Europe this quarter, led by a $1.5 billion raise by France-based Mistral and a $1.5 billion raise by UK-based Nscale.
Meanwhile, while, global VC investment increased from $112.4 billion across 8,860 deals in Q2’25 to $120.7 billion across 7,579 deals in Q3’25.
A positive outlook
Sheehan added, “After a strong start to the year, Q2 and Q3 2025 have been more challenging quarters for Irish venture capital fundraising given broader geopolitical tensions. Having said that fintech, medtech and AI software businesses have continued to attract investment and given the emergence of a more positive global outlook, investor sentiment is cautiously optimistic as we move towards the end of the year and into 2026.”
As the KPMG Global Tech Innovator final approaches in November in Lisbon, we extend our best wishes to Irish finalist Niamh Donnelly, co-founder and CTO of Akara. This AI company is seeking to streamline hospital operations, and will represent Ireland at this prestigious global competition, competing alongside innovators from 21 other countries.
Q3’25 — Key highlights
- Global VC investment increased from $112.4 billion across 8,860 deals in Q2’25 to $120.7 billion across 7,579 deals in Q3’25.
- VC investment in the Americas rose from $80.4 billion in Q2’25 to $85.1 billion in Q3’25, driven primarily by the United States — where investment increased from $77.1 billion to $80.9 billion over the same period. Europe also saw a solid uptick in VC investment from $15.2 billion to $17.4 billion, while VC investment in Asia rose slightly from $15.6 billion to $16.8 billion yet remained near historic lows.
- Corporate VC participating investment increased from $56.1 billion in Q2’25 to $58.6 billion in Q3’25. The United States accounted for a large share of this total ($37.7 billion), marking its fourth consecutive strong quarter of CVC associated investment. Europe reached a five-quarter high of $9.5 billion in CVC participating investment during Q3’25, while Asia continued to see muted CVC related investment at $9.1 billion.
- Software remained the leading sector for VC investment, attracting $176.1 billion as of the end of Q3’25 — driven primarily by strong activity in the United States. Investment in the software space has already flown by 2024’s total of $147.2 billion, although it is not likely to surpass 2021’s record $256.6 billion.
- Global exit value climbed from $119.2 billion in Q2’25to $149.9 billion in Q3’25 — the highest level seen since Q4’21. At a regional level, U.S. exits rose from $71.0 billion to $74.5 billion quarter-over-quarter, while Asia saw a sharp increase from $28.7 billion to $38.0 billion. Europe also recorded significant growth, with exit value rising from $17.3 billion to $27.8 billion between Q2’25 and Q3’25.
- Global VC fundraising remained exceptionally weak, totalling just $80.7 billion at the end of Q3’25 — putting it on pace to fall below 2024’s eight-year low of $196.1 billion.
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For further information on Venture Pulse, or Pulse of FinTech please contact Gavin Sheehan or Ian Nelson.
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