With 200 investments in 2019, Enterprise Ireland ranked second globally when it comes to backing start-ups.
PitchBook’s 2019 global ranking highlighted some major accomplishments for Enterprise Ireland, the Irish business development agency that helps Irish-owned companies deliver new export sales.
Venture capital and private equity investment platform PitchBook reported that Enterprise Ireland was in second place last year in terms of top VC investors in global seed funding. With 200 start-up investments in 2019, Enterprise Ireland was ranked number two globally, and number one in Europe.
The rankings were based on the most active global investors by VC deal count in 2019. In first place was Californian venture fund and seed accelerator 500 Startups, which invested in 285 start-ups. In third place was Silicon Valley’s Plug and Play Tech Center and angel investor network Keiretsu Forum.
Supporting the development of clients
Commenting on the news, head of investment services at Enterprise Ireland, Leo McAdams, said: “The focus of Enterprise Ireland’s investment strategy is to support Irish companies to start, develop and scale, resulting in an increase in exports and jobs.
“We are delighted to be ranked second globally by PitchBook and to take our place among the top VC investors worldwide. It is a testament to the important role that Enterprise Ireland investments play in supporting the development of our client companies.”
The news comes days after CEO Julie Sinnamon announced that she will be stepping down from her role later this year.
While Enterprise Ireland has yet to release figures for how much was invested in 2019, the agency invested €72m in companies in 2018. According to its 2019 report, 221,895 people are now employed at companies supported by Enterprise Ireland.
Meanwhile, Cork-founded VC SOSV ranked as the sixth most active investor globally. SOSV made 163 investments in 2019, according to PitchBook.
In December 2019, SOSV raised a new fund worth $277m, which it plans to invest in approximately 150 new start-ups per year, particularly in the area of deep tech.