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$55.71 billion of venture capital investment was raised globally across 4,154 deals in the third quarter of the year. During Q3’19, VC investment flourished across much of Europe, despite the ongoing uncertainty around Brexit and the changeover of key positions within the European Commission.

Despite a decline in the number of VC deals, the amount of VC investment in Europe increased in Q3’19, setting a new quarterly record. At the end of Q3’19, year-to-date VC investment in Europe stood at $28.76 billion, already above the annual record high of $26.6 billion set in 2018.

VC investment in Ireland

$185.3 million was raised over 22 deals, with the largest deals in the IT and financial services sectors.IT company Fenegro closed the largest deal worth $74.5 million, with plans to invest the capital to grow the company’s global footprint and presence in new and existing international markets. The second largest deal was closed by Dublin-founded student loan specialist Future Finance who raised $26 million.

Ireland continues to attract a significant amount of attention from VC investors and fintech remains a very hot sector, with Fenergo and Future Finance securing over $100 million between them this quarter. Recent announcements by both Revolut and Starling Bank on opening international offices in Dublin is further proof of the calibre and reputation of the hub we have developed here in Ireland for fintech. It’s also interesting to see a large investment of $19.5 million in Strong Roots – perhaps there is further opportunity for Irish companies in the lifestyle foods area.

Anna Scally
Partner, Head of Technology & Media, Fintech Lead

Trends to watch for in Europe

Across the region, fintech, mobility, healthtech and biotech are expected to remain very hot. Given the growing emphasis being placed on climate change and sustainability in the region, there could also be an uptick in investment in related technology areas.