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Europes Fastest Growing Tech Community
Startups & 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
37
49
41
29
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
London
Paris
Berlin
Amsterdam
Stockholm
Dublin
Vienna
Prague
Zurich
Copenhagen
Oslo 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
278
288
SERIES 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 capital
Shay 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 investors
Bobby 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
2013
2013
2014
2015
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
, 3
Berlin 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
thomas@frontline.vc
34
Appendix
35Balderton EU Talent Landscape
Average developer salary per country ($, 2015)Portugal
Greece
Spain
Italy
France
Austria
FinlandNetherlandsGerm
any
Sw
eden
Ireland
UK
Denm
ark
Norw
aySw
iterzland
$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
345
372
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
278
288
SERIES 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

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Startups and Venture Capital in Ireland

  • 1. Europes Fastest Growing Tech Community Startups & Venture Capital in Ireland
  • 2. 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 37 49 41 29 62 # DEALS CLOSEDDEAL VALUE IRISH VC ACTIVITY
  • 3. $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
  • 4. 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 London Paris Berlin Amsterdam Stockholm Dublin Vienna Prague Zurich Copenhagen Oslo 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
  • 5. 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 06/17 167 208 242 278 288 SERIES 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. 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. 7 To create hundreds of growing tech companies in Ireland!! Crunchbase, Authors Choice $10m+ FUNDS RAISED $50m+ FUNDS RAISED BOOSTRAPPED
  • 9. 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. 10 People to know in Irish venture capital Shay 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. 11 And entrepreneurs turned angel investors Bobby Healy Paul Byrne Ray Nolan Tom Kennedy Alan Coleman Gianni Matera Paul Mckeon Colm Lyon Paddy Holohan Authors choice
  • 12. 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
  • 13. 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)
  • 14. €8.1b Irish sovereign wealth fund backs VCs and tech co’s with an Irish footprint 14http://www.isif.ie/
  • 16. 16 Strengths SUPPORTIVE GOV’T PROGRAMS WORLD CLASS UNIVERSITIES POST BREXIT IRELAND IS THE ONLY ENGLISH SPEAKING EU COUNTRY
  • 17. 17 Strengths PLENTIFUL EARLY STAGE CAPITAL TALENT FROM GLOBAL TECH COs MENTORSHIP FROM SUCCESSFUL ENTREPRENEURS
  • 18. 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 2013 2013 2014 2015 2017 €900 €1,000 €1,200 €1,450 €1,600 Q1 2017 Daft.ie Rental Trends 1bdrm Dublin Rent City Centre
  • 19. 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 , 3 Berlin Software Engineer Average Salary, Metro Salaries4 , Balderton EU Talent Landscape5 Ireland Average Salary6, , Q1 2017 Daft.ie Rental Trends7 DUBLIN
  • 21. 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. 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. 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. 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. 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. 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
  • 28. 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! 
  • 30. 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. 31 CHECK OUT THE REST OF THE FRONTLINE LIBRARY!
  • 32. 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. 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 thomas@frontline.vc
  • 35. 35Balderton EU Talent Landscape Average developer salary per country ($, 2015)Portugal Greece Spain Italy France Austria FinlandNetherlandsGerm any Sw eden Ireland UK Denm ark Norw aySw iterzland $90k $86k $75k $70k $66k $59k$58k $53k$51k$51k $47k $34k$34k $24k $22k
  • 36. 6/15 12/15 6/16 12/16 06/17 208 295 345 372 393 36Employee Count via LinkedIn Ireland remains a favourite for Series B-C startups targeting EU expansion 6/15 12/15 6/16 12/16 06/17 167 208 242 278 288 SERIES 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