The amount of funding raised by high-tech Irish SMEs increased by more than half to €486m between January and June when compared with the same period last year, according to a survey by the Irish Venture Capital Association.
The figure represents a 58% increase on the first six months of 2015, when tech SMEs managed to raise €307m.
€249m of the 2016 funding was sourced during the second quarter.
The life sciences sector was particularly active in the second quarter of the year, with 38% of funds raised by eight companies.
Three companies in particular raised over 33% of total funds.
93% of total funds raised were used for growth or expansion purposes.
Venture Capital Association Chairman Michael Murphy said the Irish venture capital community “continues to be the main source of funding for Irish innovative SMEs both through direct investment and as the local lead investor for international syndicate investors”.
The IVCA said since credit crunch in 2008, in excess of 1,300 Irish SMEs have raised venture capital of €3 billion.
