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Venture capital funding into Irish technology SMEs rose by 8% to €207.9m in the third quarter of 2025 compared to the same period last year, according to the latest Irish Venture Capital Association (IVCA) VenturePulse survey, published in association with William Fry.
This recovery follows a difficult second quarter when funding fell to €112.6m, its lowest level in a decade. International investors played a key role in the rebound, contributing €146.7m in Q3 compared to €69.5m in Q2, signaling renewed confidence after global market disruptions earlier this year.
Activity was strongest in the €1m–€5m deal range, which accounted for 30 of the 39 transactions this quarter. Deals in the €1m–€3m category rose by 35% to €35.6m, while transactions in the €3m–€5m range increased by 18% to €34.7m. However, mid-tier deals (€5m–€10m and €10m–€30m) saw significant declines, while seed funding fell by 30% to €23.4m compared to Q3 2024.
Despite these challenges, there were standout successes in the €30m+ category, including medtech company ProVerum (€62m) and AI firm Nory (€34m). Lifesciences continued to dominate sectoral activity, accounting for 51% of Q3 funding, followed by AI and machine learning (22%) and cybersecurity (9%).
The IVCA noted that the Government's €250m Enterprise Ireland Seed and Venture Capital Scheme 2025–29 is expected to provide a timely boost for early-stage companies in the coming year.
Mark Quealy, Corporate and M&A Partner at William Fry, commented: "The latest IVCA VenturePulse report shows encouraging signs of recovery in Ireland's venture funding landscape, with Q3 figures rebounding strongly after a challenging second quarter. The return of international investors and increased activity in the €1m–€5m range are positive indicators of renewed confidence. However, persistent gaps in seed funding and mid-tier deals highlight the need for continued support for early-stage businesses. At William Fry, we remain committed to advising both investors and entrepreneurs as they navigate this evolving market and seize opportunities for sustainable growth."
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