Well before 2022 was through – with a quarter yet to go, in fact – the tech start-up scene alone drew in over €1 billion in VC funding. It was a landmark achievement for Irish SMEs, showcasing superb growth from the EU nation. While the tech start-ups often stole the headlines and comprised this excelling group, several other start-ups earned acclaim and funding for their efforts.
The momentum doesn’t look to stop with a superb 2022, either. Already in 2023, we’ve seen the Emerald Isle’s biotech firm Ovagen raise €1.1 million to produce germ-free eggs, as well as €3.9 million go to Deciphex – which also raised €11.5 million in May 2022 – to strengthen its position in AI and digital pathology. Still, there’s much more on the way across several sectors for Irish start-ups in 2023.
Big Year for Irish Start-Ups in 2022
There was a lot of investing swirling around Ireland last year, but towards the end of each term, LinkedIn has the unenviable task of selecting a set of the very best start-ups. Last year, as RTE reports, it was Wayflyer from Dublin which would receive the top spot from the major business social platform. Having achieved unicorn status and raised over €238 million in debt financing, the eCommerce growth financing business earned its praise in 2022.
Also included on the list for Irish start-ups were the food-ordering platform Flipdish, B2C drone delivery company Manna Drone Delivery, loyalty-boosting gist services for businesses &Open, and employee communications platform Wokvivo. The hottest Dublin-based start-ups range from Wired named Inferex (AI model automation) and dockless scooter firm Zipp Mobility, with the latter raising €6.1 million in 2022.
Lots of Room for Growth and Even More Funding
Tech, in general, continues to be a major driver of Irish start-ups, and in 2023, there might just be an increased focus on enhancing the entertainment and media landscape. The industry is expected to grow at just over 4.5 per cent each year through 2026, which will certainly pique the interest of budding entrepreneurs with an eye for entertainment tech.
In recent years, we’ve seen Irish start-up JNB Music and its app that allows users to change the music at connected venues breakout from Dublin. We’ve also seen tech-driven Irish casino platform Clubhouse make waves, predominantly through its live games offering. From its connected studios, physical games from roulette to Dream Catcher are played by professional croupiers and show hosts, while Irish users at home can bet in real time.
Beyond the entertainment space, Deloitte finds that the Irish tech trends lend significant momentum to cyber AI, automation, data sharing, and cloud technologies. Among the top start-ups to watch on Silicon Republic’s list for 2023, CergenX, Positive Carbon, PlasmaBound, and Tracworx are all developing or leveraging these technologies in different ways.
Last year proved to be huge for Irish start-ups, and headlines like the tech sector generating over €1 billion in funding by Q3 will only bring in more prospective investors and inspire more entrepreneurs. By the looks of it, Ireland’s momentum won’t stop with the turn of the year, with 2023 seemingly having the makings of another huge year for start-ups on the Emerald Isle.
