Venture capital investment in Ireland soars by 35%

May 22, 2005 Venture capital investment in Ireland has leaped by 35% in the first quarter of 2005, according to a new report by Ernst & Young. The report found that Europe-wide venture capital investment increased by a healthy 19% on the same period in 2004.

Total investment in Ireland was €42.11m (US$52.8m, £28.9m) for the first 3 months compared to €31.23m (US$39.1m, £21.4m) in the first quarter of last year. The report found that 85% of the capital was invested in the information technology sector; largely helped by a successful €15m fundraising by Corvil Networks.

€880.3m (US$1.1bn, £605m) was raised throughout Europe in almost 200 separate deals, with €407.3m of that invested in the IT sector.