The value of companies backed by early stage investment firm NDRC has tripled in the past year, according to its annual report.

The centre, which runs a number of accelerator and incubator programmes for start-ups, said the combined market capital of the companies it has invested in was €120m by the end of 2013.

This compares to a value of €39m by the end of 2012.

Companies that emerged from its programmes were also obtaining more private investment, it said, with €40m raised in follow-on deals by the end of last year.

This is more than double the amount recorded by the end of 2012.

There are now more than 430 people employed by 150 NDRC-backed businesses, it said, two thirds of whom hold full time positions.

NDRC is supported by the Government, with the majority of its income made up by a State subvention.

In 2013 it received almost €3.49m from the Government, down €823,000 (19%) on the amount received in the previous year.

The amount it received through a European Union grant fell too, standing at €292,500 in 2013 compared to €325,300 in 2012.

Expenditure by the company was also lower during the year, with €3.04m spent on research investment and fund management - €560,000 lower than in 2012.

General costs were cut by more than €200,000, meanwhile, to stand at €797,600.

This was largely due to a reduction in salary and related costs, which fell by more than €420,000 to €1.37m. This is at least somewhat explained by the reduction in employee numbers, which had fallen by seven to 16 in the year to December 2013.

NDRC CEO Ben Hurley's total compensation package was higher year-on-year at €188,581 compared to €169,305 in 2012.

However the centre said this did not represent an increase in his remuneration but was due to the CEO waiving some of his entitlements in 2012.

NDRC said it recouped €56,170 from one of its investments during the year, however it also took a €115,000 impairment charge on it 29.2% stake in online teaching platform Lingle Online.

The centre said it recorded its first return on an investment in more recent months, amounting to €180,000. As this came after the end of the last financial year, it said this figure would be included in its 2014 accounts.