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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
$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
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
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
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)
7
To create hundreds of growing tech companies in Ireland!!
Crunchbase, Authors Choice
$10m+ FUNDS RAISED$50m+ FUNDS RAISED BOOSTRAPPED
8
Investors
9
Most active investors at every stage + debt
Seed Series A - B Late Stage
Note: approximation, many investors participate across different stagesAuthors choice
Venture Debt
10
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
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
12
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
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)
€8.1b Irish sovereign wealth fund backs VCs and tech co’s with an Irish footprint
14http://www.isif.ie/
15
Ireland
16
Strengths
SUPPORTIVE GOV’T PROGRAMS
WORLD CLASS UNIVERSITIES
POST BREXIT IRELAND IS THE ONLY ENGLISH SPEAKING
EU COUNTRY
17
Strengths
PLENTIFUL EARLY STAGE CAPITAL
TALENT FROM GLOBAL TECH COs
MENTORSHIP FROM SUCCESSFUL
ENTREPRENEURS
18
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
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
20
Companies
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
22
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
23
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
24
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
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
26
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
27
Conclusion
28
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!
29
Twitter Medium Quora
30
in THE NORDICS
in GERMANY
in the UNITED KINGDOM
Click here!
A big thanks to our friends and content partners on previous publications!!
31
CHECK OUT THE REST OF THE FRONTLINE LIBRARY!
32
Sources
Links
The State of Tech in 2016, Atomico 2016 European Venture Capital Report , Dealroom.co
Irish Tech Startup Guide, Frontline Balderton EU Talent Landscape
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
34
Appendix
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
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