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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...
$500m
€322m
$80m
$75m
As Irish startups prove they can
generate big wins for investors
3
$55m
$115m
$100m
€100m
€245m
$230...
1817 1005
3333 3216
495
1876 1876
3405
11151270
4The State of European Tech 2016: Atomico, Employee Count via LinkedIn
And...
5Employee Count via LinkedIn, Proprietary - companies establishing offices in Ireland, Irish Tech Startup Guide, Frontline
...
6
As international investment pours in
Crunchbase, 2016 European Venture Capital Report: via dealroom.co
US FUNDS INVESTIN...
7
To create hundreds of growing
tech companies in Ireland!!
Crunchbase, Authors Choice
$10m+ FUNDS RAISED
$50m+ FUNDS
RAIS...
8
Investors
9
Most active investors at every stage + debt
Seed Series A - B Late Stage
Note: approximation, many investors participate...
10
People to know in Irish venture capital
Shay Garvey
Will Prendergast
Stephen McIntyre
Brian Caulfield
Nicola McClafferty...
11
And entrepreneurs turned angel investors
Bobby Healy Paul Byrne
Ray Nolan Tom Kennedy
Alan Coleman
Gianni Matera Paul M...
12
ACCELERATORS % STAKE COMMENTS
-
INVESTMENT
€100k
-
- -
FinTech innovation lab
Sector agnostic
Payments
7.5% €30k
Trinit...
13https://www.enterprise-ireland.com
Enterprise Ireland active as
both direct and VC investor
Most active LP
since 1994
In...
€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
RE...
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 ...
20
Companies
Personalisation
Marketing Automation
Customer service
Software infrastructure
Car Rental


Hotels
21
Four sectors where Ir...
22
Enterprise
CEO
Eoghan McCabe
Formerly Exceptional, Contrast
Trinity College
Chief Scientist & Co-Founder
Trevor Parsons...
23
FinTech
Linkedin Information, Crunchbase
Co-Founder & CSO
Brett Meyers
Formerly JP Morgan
University of Western Austral...
24
MarTech + AdTech
Co-Founder & CEO
Dave O’Flanagan
Formerly Datalex, CUSP Point
Trinity College
CEO & Co-Founder
Hugh Re...
25
Travel
Ray Nolan
Co-Founder
Formerly Coretime, Raven Com.
Stanford School of Business
€245m
IPO
Gregory Turley
CEO & Co...
26
Early-stage companies to watch in 2017
Find things in local shops
Authors choice. Recently founded Seed / Series A stag...
27
Conclusion
28
Takeaways
A small domestic market
means Irish tech co’s are
largely selling into markets in
the US or elsewhere
Enginee...
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 previou...
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 ...
33
Slide 3 - Exits in Ireland
Tech exits in Ireland over the past 10 years
Exit values listed for €50+ exits
Slide 5 - FDI...
34
Appendix
35Balderton EU Talent Landscape
Average developer salary per country ($, 2015)Portugal
Greece
Spain
Italy
France
Austria
F...
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 s...
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Startups and Venture Capital in Ireland

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Ireland has a lot of unfair advantages. As the only English speaking country in the European union (post-Brexit), widely considered one of the best countries for business in the world, its no surprise that world leading technology companies like Apple, Google, Microsoft and Amazon have tens of thousands of employees in Ireland.

In our 4th instalment of Startups and Venture Capital in … (Germany, The Nordics, & the UK) we take on the emerald isle. With Irish born world beating enterprise startups such as Intercom ($115m in funds raised), Fleetmatics (acquired for $2.4b) and Cartrawler (acquired for $500m) it is no longer a question of if great tech co’s are born in Ireland — but rather how big and fast can they grow.

It may surprise you to learn:
Ireland has engineering talent that rivals major European tech hubs, with 55k engineers in Dublin vs 61k in Stockholm or 81k in Berlin. Paypal, LinkedIn & AirBnB are just a few companies that count more employees in Dublin than in London. 

US companies setting up offices in Europe are landing in Ireland earlier than ever before. Companies like Asana and Wrike are two recent examples of Series B-C startups setting up shop in Dublin.

A small domestic market means Irish tech co’s are largely selling into markets in the US or elsewhere. Companies like Intercom, Fenergo and Swrve count the USA as their largest market.

Trinity and University College Dublin (UCD) are among the highest ranking universities for venture capital backed entrepreneurs in Europe! 

Frontline Ventures is a B2B Seed VC.

Published in: Technology
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Startups and Venture Capital in Ireland

  1. 1. Europes Fastest Growing Tech Community Startups & Venture Capital in Ireland
  2. 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. 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. 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. 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. 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. 7 To create hundreds of growing tech companies in Ireland!! Crunchbase, Authors Choice $10m+ FUNDS RAISED $50m+ FUNDS RAISED BOOSTRAPPED
  8. 8. 8 Investors
  9. 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. 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. 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. 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. 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. 14. €8.1b Irish sovereign wealth fund backs VCs and tech co’s with an Irish footprint 14http://www.isif.ie/
  15. 15. 15 Ireland
  16. 16. 16 Strengths SUPPORTIVE GOV’T PROGRAMS WORLD CLASS UNIVERSITIES POST BREXIT IRELAND IS THE ONLY ENGLISH SPEAKING EU COUNTRY
  17. 17. 17 Strengths PLENTIFUL EARLY STAGE CAPITAL TALENT FROM GLOBAL TECH COs MENTORSHIP FROM SUCCESSFUL ENTREPRENEURS
  18. 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. 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. 20. 20 Companies
  21. 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. 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. 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. 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. 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. 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. 27. 27 Conclusion
  28. 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! 
  29. 29. 29 Twitter Medium Quora
  30. 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. 31 CHECK OUT THE REST OF THE FRONTLINE LIBRARY!
  32. 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. 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. 34. 34 Appendix
  35. 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. 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

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