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€96.9M in Funding Secured by 15 Irish Businesses in October 🚀

October 2023

Author

Stephen Mullan
November 30, 2023

👋 Welcome to the DIA Investment Deep Dive for October 🤿, your monthly digest of Irish businesses that secured funding across the globe.

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From Kota's successful €5 million seed funding to ALT21's game-changing €19 million, October 2023 has been a monumental month for 15 Irish-affiliated startups. 🚀

In total, these companies secured over €96.9 million in funding, with Olas and Airtrade not disclosing their funding amounts.

Securing startup capital has been incredibly difficult in 2023. According to the Irish Venture Capital Association's Venture Pulse survey, venture capital funding into Irish technology SMEs in the third quarter fell by 38% to €190 million from €309 million in the same period last year.

This is in line with the huge drops across the whole of Europe, which has seen funding halved to $45 billion in 2023, primarily driven by the downturn in the technology sector—dragged by inflation, higher interest rates, and geopolitical events. I would recommend reading the annual State of European Tech by Atomico for further insights.

There is no doubt, that it’s never been a more challenging time to get your startup off the ground:

That's why you should support the full list of incredible Irish-affiliated startups that have done an impressive job of raising capital in such a difficult environment. 👇🏽

Kota 🌐

  • Funding Round: Seed

  • Amount: €5,000,000

  • Founder: Luke Mackey

  • Founded Date: February 2022

  • Website: www.kota.io

  • Description: Kota makes it extraordinarily easy to roll out and manage benefits globally.

EQT Ventures leads €5M funding round for Irish-based employee benefits startup Kota

Irish startup Kota, formerly Yonder, raises €5 million for its employee insurance and retirement benefits platform.

ALT21 💹

  • Funding Round: Seed

  • Amount: €19,000,000

  • Founder: Barry McCarthy

  • Founded Date: March 2016

  • Website: www.alt21.com

  • Description: ALT21 provides automated currency hedging solutions for businesses.

London’s ALT21 secures €19.4M to grow its hedging platform | Silicon Canals

London-based ALT21, a hedging technology company has raised $21M (approximately €19.4M ) in a pre-series A round million funding round. 

Deciphex 🧬

  • Funding Round: Debt Financing

  • Amount: €10,000,000

  • Founders: Donal O'Shea, Mairin Rafferty, Mark Gregson

  • Founded Date: 2017

  • Website: www.deciphex.com

  • Description: Deciphex uses digital pathology and AI to address the pathology productivity gap.

Dublin-based Deciphex raises €10m to expand to new markets

Deciphex has received €10m in venture debt financing from Claret Capital Partners to expand its services and grow its team.

Shorla Pharma 💊

  • Funding Round: Series B

  • Amount: $35,000,000

  • Founders: Orlaith Ryan, Sharon Cunningham

  • Founded Date: 2018

  • Website: www.shorlapharma.com

  • Description: Shorla Pharma is an Irish speciality pharmaceutical company. It is growing portfolio brings accessible, affordable and life-saving treatments to patients, delivering a major contribution to patient care and providing a significant clinical impact.

Goodman-backed Shorla Oncology secures $35m in Series-B funding

Irish-US speciality pharmaceutical company Shorla Oncology has raised $35m (€33m) in funding from investors including private backers in Ireland and Enterprise Ireland.

X-BOLT Orthapaedics 🦴

  • Funding Round: Venture - Series Unknown

  • Amount: $3,500,000

  • Founder: Brian Thornes

  • Founded Date: 2007

  • Website: www.x-bolt.com

  • Description: X-BOLT Orthopaedics developed a novel expanding bolt device, with associated implants and instrumentation systems.

X-Bolt Orthopaedics secures $3.5m from backers

BVP leads fundraising round with Ascentifi, Amalfi, medtech Hban, and some of Ireland’s leading orthopaedic surgeons also participating

Intouch.com 🛍️

  • Funding Round: Undisclosed

  • Amount: €1,500,000

  • Founders: Doychin Doychev, Sameh Abdalla, Tim Arits

  • Founded Date: May 2015

  • Website: www.intouch.com

  • Description: AI-Powered platform for retailers to intelligently target shoppers with personalized offerings in-store.

Irish retail media tech firm Intouch raises €1.5m for global growth plan

Intouch.com, a Dublin-based retail media firm, is understood to have completed a €1.5m funding round as it continues its global expansion.

EasyGo.ie 🚗

  • Funding Round: Venture - Series Unknown

  • Amount: €30,000,000

  • Founded Date: 2018

  • Website: www.easygo.ie/

  • Description: EasyGo.ie provides homeowners, businesses, and public authorities with products and payment management services.

Aviva Investors completes €30 million investment in Irish EV charging specialist Erapid

Aviva Investors has completed a €30 million investment into Erapid, an Irish EV charging infrastructure specialist.

Barryroe Offshore Energy ⚡

  • Funding Round: Post-IPO Equity

  • Amount: €1,050,000

  • Founded Date: 1981

  • Website: www.providenceresources.com

  • Description: Barryroe Offshore Energy operates as an oil and gas exploration company.

Larry Goodman commits up to €6.35m to rescue Barryroe from examinership

Rescue plan would see billionaire take full control of oil and gas explorer

Solsign ☀️

  • Funding Round: Grant

  • Amount: €50,000

  • Founder: Mattan Lass

  • Founded Date: January 5, 2023

  • Website: www.solsign.ai

  • Description: Europe's first vetted solar site marketplace.

Space – A Frontier Close to Home for Irish Start-ups

Three Irish start-up companies have each secured funding of €50k, as well as technical, business, financial and incubation support through ESA BIC.

Vivid Edge 🌿

  • Funding Round: Undisclosed

  • Amount: €500,000

  • Founder: Tracey O’Rourke

  • Founded Date: 2015

  • Website: vividedge.ie

  • Description: Vivid Edge delivers turnkey energy efficiency upgrades as a service, using its capital.

CPL founder Anne Heraty invests €500,000 in energy solutions firm Vivid Edge

Businesswoman Anne Heraty has invested €500,000 in energy efficiency company Vivid Edge, which was founded by former Bank of Ireland executive Tracy O’Rourke.

NanobOx 💧

  • Funding Round: Seed

  • Amount: €900,000

  • Founder: Dr John Favier and Dr Mohammad Ghaani

  • Founded Date: 2022

  • Website: nanobox.ie

  • Description: Novel nanobubble generation technology enables ultra-low energy cost water aeration with nanobubbles.

Nanobubble startup secures funding ahead of aquaculture launch

NanobOX, an Irish startup, has secured funding to help it develop a nanobubble system that could reduce energy costs and increase fish growth in aquaculture.

Smile Genius Limited 😁

  • Funding Round: Pre-Seed

  • Amount: €200,000

  • Founder: Nipun Kathuria and Dr Mark-Anthony Shepherd

  • Founded Date: October 17, 2021

  • Website: smilegeniusdental.com/

  • Description: World's first all-in-one digital SaaS platform for clear aligner businesses.

Smile Genius Dental Secures €200,000 Funding

Smile Genius Dental, a digital platform for dental treatment planning, has raised €200,000 in investment from Enterprise Ireland and private investment

Olus Education 📚

  • Funding Round: Seed

  • Amount: Undisclosed

  • Founded Date: 2021

  • Website: www.olus.education/

  • Description: Olus Education provides digital learning services.

Olus Education Raises First External Funding Round

Olus Education, a provider of digital literacy education in Irish schools and homes, raised its first external funding round

Eirtrade Aviation Ireland ✈️

  • Funding Round: Private Equity

  • Founded Date: 2010

  • Founder: Ken Fitzgibbon

  • Amount: Undisclosed

  • Website: www.eirtradeaviation.com

  • Description: EirTrade Aviation is an Aviation Technical Asset Services and Trading Company with Operations in Dublin and Knock Airport, Ireland.

Acorn invests in EirTrade Aviation Ireland | The Journal Record

EirTrade Aviation Ireland, an aviation technical asset services and trading company with operations in Ireland and the United States, has entered into partnership with and received an investment from Oklahoma City-based Acorn Growth Cos.

Ctrl Alt 🌱

  • Funding Round: Seed

  • Amount: £2.2M

  • Founder: Matt Ong

  • Founded Date: 2020

  • Website: www.ctrl-alt.co

  • Description: Meet Ctrl Alt, the B2B Expert Solutions Provider for Alternative Assets. Partner with Ctrl Alt and welcome the new generation of wealth builders through alternative asset investing.

Ctrl Alt raises €2.5m in funding round

Ctrl Alt was founded in 2020 by Mr Ong, who previously worked with Morgan Stanley and Credit Suisse

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