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Europes Fastest Growing Tech Community Startups & Venture Capital in Ireland

Startups and Venture Capital in Ireland

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Page 1: Startups and Venture Capital in Ireland

Europes Fastest Growing Tech Community

Startups & Venture Capital in Ireland

Page 2: Startups and Venture Capital in Ireland

2

Ireland’s tech scene is growing like wildfire

The State of Tech in 2016 via Atomico, 2016 European Venture Capital Report: via dealroom.co

Ireland

Germany

UK

Netherlands

Poland

France

Switzerland

CZ +2.5%

+2.5%

+2.5%

+2.7%

+3%

+3%

+3.3%

+5.5%

TOP 10 FASTEST GROWING TECH WORKER POPULATIONS (2015-2016)

2012 2013 2014 2015 2016

€367m

€217m

€114m€147m

€48m

2012 2013 2014 2015 2016

3749

4129

62

# DEALS CLOSEDDEAL VALUE

IRISH VC ACTIVITY

Page 3: Startups and Venture Capital in Ireland

$500m€322m

$80m

$75m

As Irish startups prove they can generate big wins for investors

3

$55m

$115m

$100m

€100m€245m

$230m

€100m

$2.4b

$129m

Acquisition price shown for €50m+ exits

$82m

Page 4: Startups and Venture Capital in Ireland

1817 1005

3333 3216

495

1876 1876

3405

11151270

4The State of European Tech 2016: Atomico, Employee Count via LinkedIn

And global tech companies contribute to a highly skilled workforce

LondonParis

BerlinAmsterdamStockholm

DublinViennaPragueZurich

CopenhagenOslo 31,000

39,000

39,000

41,000

42,000

45,000

51,000

66,000

81,000

134,000

300,000

1011

1752

# OF EMPLOYEES IN IRELAND # OF SOFTWARE DEVELOPERS

Page 5: Startups and Venture Capital in Ireland

5Employee Count via LinkedIn, Proprietary - companies establishing offices in Ireland, Irish Tech Startup Guide, Frontline

Ireland remains a favourite for Series B-C startups targeting EU expansion

6/15 12/15 6/16 12/16 06/17

167

208

242

278288SERIES C FUNDRAISING

IRISH OFFICE ESTABLISHED

CASE STUDY: ASANA OPENS IRISH OFFICE AROUND 200 FTE, SERIES C

NEW ADDITIONS SINCE OUR 2013 IRISH TECH STARTUP GUIDE

Page 6: Startups and Venture Capital in Ireland

6

As international investment pours in

Crunchbase, 2016 European Venture Capital Report: via dealroom.co

US FUNDS INVESTING IN IRELAND

Austria

Sweden

Ireland

UK

Finland

Spain

Netherlands

Germany

France

Denmark 10%

16%

20%

21%

22%

22%

31%

31%

36%

39%

COUNTRIES ATTRACTING MOST US FUNDING (% SOURCED FROM US VCs)

Page 7: Startups and Venture Capital in Ireland

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To create hundreds of growing tech companies in Ireland!!

Crunchbase, Authors Choice

$10m+ FUNDS RAISED$50m+ FUNDS RAISED BOOSTRAPPED

Page 8: Startups and Venture Capital in Ireland

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Investors

Page 9: Startups and Venture Capital in Ireland

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Most active investors at every stage + debt

Seed Series A - B Late Stage

Note: approximation, many investors participate across different stagesAuthors choice

Venture Debt

Page 10: Startups and Venture Capital in Ireland

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People to know in Irish venture capitalShay Garvey

Will Prendergast Stephen McIntyre

Brian Caulfield Nicola McClafferty (Byrne)

John O’Sullivan John Flynn

Debbie Rennick

Maurice Roche Dermot Berkery

David Bowles

Elaine Coughlan Helen McBreen Gerry Maguire

Noel Ruane Barry Downes

Conor Stanley Barry Mulligan

Gianni Matera Stefano Francavilla

Authors choice

Page 11: Startups and Venture Capital in Ireland

11

And entrepreneurs turned angel investorsBobby Healy Paul Byrne

Ray Nolan Tom Kennedy

Alan Coleman

Gianni Matera Paul Mckeon

Colm Lyon

Paddy Holohan

Authors choice

Page 12: Startups and Venture Capital in Ireland

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ACCELERATORS % STAKE COMMENTS

-

INVESTMENT

€100k

-

- -

FinTech innovation lab

Sector agnostic

Payments

7.5% €30k

Trinity college- -

Most active accelerators

Sector agnostic

VentureLab Science venturesConvertible €100k

€30k8% Early stage

Convertible

LaunchPad

Catalyser

Authors choice

Page 13: Startups and Venture Capital in Ireland

13https://www.enterprise-ireland.com

Enterprise Ireland active as both direct and VC investor

Most active LP since 1994

Investor in 30+ VC funds

225 investments (€31.5) in 2016

Largest seed investor in Ireland

Supporter of the Halo Business

Angels Network

Launched business angels co-investment fund with EIF (2016)

Page 14: Startups and Venture Capital in Ireland

€8.1b Irish sovereign wealth fund backs VCs and tech co’s with an Irish footprint

14http://www.isif.ie/

Page 15: Startups and Venture Capital in Ireland

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Ireland

Page 16: Startups and Venture Capital in Ireland

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Strengths

SUPPORTIVE GOV’T PROGRAMS

WORLD CLASS UNIVERSITIES

POST BREXIT IRELAND IS THE ONLY ENGLISH SPEAKING

EU COUNTRY

Page 17: Startups and Venture Capital in Ireland

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Strengths

PLENTIFUL EARLY STAGE CAPITAL

TALENT FROM GLOBAL TECH COs

MENTORSHIP FROM SUCCESSFUL

ENTREPRENEURS

Page 18: Startups and Venture Capital in Ireland

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Challenges

VICTIM OF ITS OWN SUCCESS? RENT AND

COST OF LIVING RISING

SMALL DOMESTIC POPULATION

4.6m

UNSUPPORTIVE TAX REGIME FOR

ENTREPRENEURS AND EMPLOYEE STOCK

OPTIONS

20132013

20142015

2017€900

€1,000

€1,200

€1,450

€1,600

Q1 2017 Daft.ie Rental Trends

1bdrm Dublin Rent City Centre

Page 19: Startups and Venture Capital in Ireland

19

Dublin

£1 = €1.15 London Berlin Dublin

Population 8.6m 3.5m 1.9m

1 Bedroom Flat £17001 €7001 €16007

Beer £4.501 €3.001 €5.001

Avg Salary £48,0004 €40,0002 €37,0006

Engineer Salary £56,0005 €50,0003 €60,0005

Ireland Heads Forbes' List Of The Best Countries For Business

Numeo, , Salary Survey in Berlin2, 3Berlin Software Engineer Average Salary, Metro Salaries4, Balderton EU Talent Landscape5 Ireland Average Salary6,, Q1 2017 Daft.ie Rental Trends7

DUBLIN

Page 20: Startups and Venture Capital in Ireland

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Companies

Page 21: Startups and Venture Capital in Ireland

Personalisation

Marketing Automation

Customer service

Software infrastructure

Car Rental Hotels

21

Four sectors where Irish startups have succeeded

Enterprise

Payments / FX

RegTech

FinTech

MarTech + AdTech Travel

Page 22: Startups and Venture Capital in Ireland

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Enterprise

CEO Eoghan McCabe Formerly Exceptional, Contrast Trinity College

Chief Scientist & Co-Founder Trevor Parsons Formerly Postdoctoral Researcher Ph.D University College Dublin

Linkedin Information, Crunchbase

The fastest way to analyse

log data

Customer communication

platform

Acquired for $80m

Raised $115m

Page 23: Startups and Venture Capital in Ireland

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FinTech

Linkedin Information, Crunchbase

Co-Founder & CSO Brett Meyers Formerly JP Morgan University of Western Australia

CEO Marc Murphy Formerly Ergo Dublin City University

AML / KYC Onboarding Risk MGMT

Foreign Exchange Transfer

Page 24: Startups and Venture Capital in Ireland

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MarTech + AdTech

Co-Founder & CEO Dave O’Flanagan Formerly Datalex, CUSP Point Trinity College

CEO & Co-Founder Hugh Reynolds Formerly Kore Virtual, Havok Trinity College Dublin

Mobile marketing

engagement

Customer intelligence

cloud

Linkedin Information, Crunchbase

Page 25: Startups and Venture Capital in Ireland

25

Travel

Ray Nolan Co-Founder Formerly Coretime, Raven Com. Stanford School of Business

€245m IPO

Gregory Turley CEO & Co-Founder Formerly Argus Automobiles Stanford University, Terenure College

Acquired for €450m

Travel partnerships management

Hostel booking system

Linkedin Information, Crunchbase

Page 26: Startups and Venture Capital in Ireland

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Early-stage companies to watch in 2017

Find things in local shops

Authors choice. Recently founded Seed / Series A stage company

Network security

Gym software HR Feedback Solution

Voice AI Platform

Business banking

Brand insights

Compliance & risk reporting

Stock trading

Elastic search

IoT in the kitchen

eCommerce tax management

B2B Hotel booking

Legal analyticsOnline lender AdBlocking revenue recovery

Page 27: Startups and Venture Capital in Ireland

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Conclusion

Page 28: Startups and Venture Capital in Ireland

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Takeaways

A small domestic market means Irish tech co’s are

largely selling into markets in the US or elsewhere

Engineering talent that rivals major tech hubs: Dublin (55k

engineers) vs Stockholm (61k) or Berlin (81k)

PayPal, LinkedIn & AirBnB are just a few companies that count more employees in

Dublin than in London

Brexit likely to accelerate the trend of corporates and

startups based in Ireland

The mix of large corporates and a small domestic market has lead to more enterprise

focused startups

Trinity and UCD are among the highest ranking

universities for VC backed entrepreneurs in Europe! 

Page 29: Startups and Venture Capital in Ireland

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Twitter Medium Quora

Page 30: Startups and Venture Capital in Ireland

30

in THE NORDICS

in GERMANY

in the UNITED KINGDOM

Click here!

A big thanks to our friends and content partners on previous publications!!

Page 31: Startups and Venture Capital in Ireland

31

CHECK OUT THE REST OF THE FRONTLINE LIBRARY!

Page 33: Startups and Venture Capital in Ireland

33

Slide 3 - Exits in Ireland Tech exits in Ireland over the past 10 years Exit values listed for €50+ exits Slide 5 - FDI’s Asana - discretionary selection Proprietary list of companies w/ offices opened in Ireland since 2013 Slide 6 - International VC activity in Ireland Authors choice selection of VC investing in Ireland dealroom.co list of EU countries by % with US investors Slide 7 - Selection of startups in Ireland Discretionary selection startups based on crunchable data Slide 9- Funds in the UK Selection of investors by stage Slide 10 - Who to know in Ireland Discretionary selection of investors Slide 12 - Accelerators Selection of accelerators based on activity in Ireland Slide 20 - Successful startups Successful startups based on size - authors choice Slide 17 - Early stage companies to watch Authors choice

We have tried our best to include relevant companies

and investors in each section

For omissions, misprints or corrections please contact

[email protected]

Page 34: Startups and Venture Capital in Ireland

34

Appendix

Page 35: Startups and Venture Capital in Ireland

35Balderton EU Talent Landscape

Average developer salary per country ($, 2015)

Portugal

GreeceSpain

Italy

France

Austria

Finland

Netherla

nds

Germany

Sweden

Ireland UK

Denmark

Norway

Switerzl

and

$90k$86k

$75k$70k

$66k$59k$58k

$53k$51k$51k$47k

$34k$34k

$24k$22k

Page 36: Startups and Venture Capital in Ireland

6/15 12/15 6/16 12/16 06/17

208

295

345372

393

36Employee Count via LinkedIn

Ireland remains a favourite for Series B-C startups targeting EU expansion

6/15 12/15 6/16 12/16 06/17

167

208

242

278288SERIES C FUNDRAISING

IRISH OFFICE ESTABLISHED

CASE STUDY: ASANA OPENS IRISH OFFICE AROUND 200 FTE, SERIES C

CASE STUDY: WRIKE OPENS IRISH OFFICE AROUND 350 FTE, SERIES B

SERIES B FUNDRAISING

IRISH OFFICE ESTABLISHED