Funding to Irish tech firms from venture capital funds dropped by over 40% during the first three months of the year.
That’s according to a survey by the Irish Venture Capital Association (IVCA) which found the amount of money raised by tech companies here fell from €332 million to €196.8 million in the first quarter compared to same three months in 2018.
However, the IVCA also found that core growth in funding was strong.
When two big deals last year are stripped out of the figures there was an almost 50% rise in funding between January and March, compared to the same period last year.
In total 75 Irish companies received start up or following on funding compared to 43 in the same quarter last year.
The IVCA said there was also a strong rebound in seed funding to early stage firms, up 23% to €17.8m.
The number of smaller deal sizes in the €1m-€5m category increased to 66 from 36 in the same period in 2018.
The biggest sectors to win money were life sciences and software.