Funding for Irish startups fell by 20% in the first half of the year compared to the same period last year, new data shows.

In total, 91 Irish startups raised a total of €746.2m between January and the end of June, the latest funding review from TechIreland has revealed.

The organisation said the performance compares well with previous years, as 2021 was considered an exceptional year.

The figures show that three outliers secured 40% of the total funding, while the remaining 88 raised the balance of €440m.

The number of investments that surpassed the €10m mark rose to 18 from 16 in the same period in 2021.

Rounds worth under €500,000 fell however, dropping to the lowest level in five years.

"The €90m Irish Innovation Seed Fund will be a vital support for Irish startups at a time when early-stage funding is cooling," said John O'Dea, TechIreland's chief executive,

Overall, most of the money went into larger, more established companies.

The top five investments during the period included Wayflyer at €134m, Flipdish which received €87.2m, TransferMate Global Payments got €66m, ProVerum Medical secured €30m and Energyx received €30M.

Other large recipients included &Open which got €26m, Keelvar at €23m, Perfuze which secured €22.5m, Vivasure Medical received €22m and WorkVivo with €20m.

Five of the top 10 are based outside Dublin.

TechIreland predicts that the outlook for later stage investments and exits remains challenging.

But it also expects local funds will have enough capital to hand to support quality startups.