New figures out today show that venture capital funding into Irish technology firms increased by 52% to €379.7m in the first quarter of this year, up from €249.4m the same time last year.

The Irish Venture Capital Association's VenturePulse survey was published today in association with William Fry.

But Nicola McClafferty, the chairperson of the Irish Venture Capital Association, said the headline figure concealed a "potentially worrying fall" of 30%-50% across all categories under €10m, including seed funding.

The number of deals overall fell by almost a third to 50 from 74 in the same period last year.

Today's survey shows that the value of deals between €5-€10m fell by 51% to €11m.

Deals in the €1-€5m also halved to €34.5m from €70.3m in the same period last year, while deals under €1m dropped by 31% to €8.9m.

Top deals in the first quarter included two Irish unicorns - fintech company Wayflyer which raised €134m while digital food ordering platform Flipdish raised €94m.

A unicorn is a privately held startup company that is valued at over $1 billion.

Meanwhile, envirotech company Exergyn raised €32.7m.

"All the growth came from eight deals worth over €10m each, including three over €30m. While the momentum carried over from last year has continued for more established companies raising large rounds, some of that impetus seems to have stalled for earlier stage companies," Ms McClafferty said.

The venture industry worldwide saw a slowdown in the first quarter as a result of an uncertain global economic outlook and the war in Ukraine.

"While challenging market conditions may continue, we also know that many great companies are started and built in times of downturn, so we await with interest the data in the coming quarters," Ms McClafferty added.

Sarah-Jane Larkin, director general of the IVCA, said that 79% of funding came from international sources in the first quarter.

"While this is to be welcomed and emphasises the quality of Irish tech firms and their appeal to international investors, we have expressed concern before about where any shortfall would be made up if the global economy contracts," she stated.

Ms Larkin pointed out that seed funding in the first quarter had fallen by nearly 40% to €22.3m from €36.5m in the previous year.

She said the Government's announcement in February of a new €90m Irish Innovation Seed Fund Programme for Irish start-ups was "particularly timely".