It's been a challenging year for startups in Ireland and around the world. That's why some positive business signals caught my attention this week. 🔎

In 2023, 543 startups using Carta's equity management platform closed, surpassing the previous year's total of 467. This trend is worrisome, with many closures attributed to startups' struggles in raising funds.

Martina Fitzgerald, the CEO of Scale Ireland, also highlighted this issue this week as the "number one concern" for Irish tech companies. She called on Enterprise Ireland to double its seed and venture capital fund.

Despite these challenges, I was encouraged to read a new report from Equinix, which indicates that Irish startups are optimistic and eager to expand globally in 2024. Surprisingly, 79% of Irish businesses surveyed plan to expand either at home or abroad this year.

These businesses will have an additional funding avenue to fuel their expansion, thanks to one of Ireland's most respected voices in venture capital. Finn Murphy has just announced a $20 million solo fund to support European startups in making it in the US.

Murphy is more optimistic than the CEO of Scale Ireland, suggesting that there is ample capital available for ambitious companies:

I tend to agree with Finn, as we are witnessing more funding round announcements, many of which are larger than those in early 2022 and 2023. Recent noteworthy raises from Techmet ($200 million), Ocuco ($60 million), Fibrus ($35 million), and UrbanVolt ($26 million) demonstrate this trend.

Let's hope that the green shoots of positive sentiment continue to grow and that Irish startups can power through the global economic slowdown. 💪🏽

Continue reading to see the other top news stories within the Irish tech sector at home and abroad this week:

Celebrating the top 10 Irish startups by LinkedIn 🚀

LinkedIn has published a list of the top 10 Irish startups, and it's impressive! These companies are all innovative, growing rapidly, have an international footprint and are playing a vital role in the Irish economy.

Here's a quick look at the top 10, with descriptions:

• Sculpted by Aimee - the Irish makeup brand founded by makeup artist Aimee Connolly.

• Tines - the Irish cybersecurity firm that offers security workflow automation software for enterprise customers.

• Outmin - the real-time accounting platform for SMEs.

• &Open - the gifting platform that makes it easier for brands to send carefully selected gifts to customers to boost loyalty.

• Manna Drone Delivery - the business-to-customer drone delivery company.

• Deciphex - a leading provider of digital pathology and AI-powered services for clinical and non-clinical pathology.

• Gym+Coffee - the athleisure clothing company.

• ICS Medical Devices - an industry-leading catheter technology engineering firm.

• ID-Pal - the identity verification specialist.

• Green Rebel - the offshore wind energy site investigation company.

What is incredibly clear from analysing this list is the diversity in startup sectors represented, a sure sign of a healthy, balanced ecosystem.

H/T 🎩: Linkedin

🚁 Manna Drone Delivery Takes Flight to the UK Market

Exciting news for Irish tech abroad! 🇮🇪✈️ Manna, one of Ireland's best-known start-ups is making waves in the UK. They've just launched the first-ever drone takeaway service in the UK, revolutionising how we enjoy our favourite meals. 🍔🚁

HQ’d in Dublin, Manna's expansion showcases the global impact of Irish innovation. Founded by Irish tech veteran Bobby Healy, Manna has soared to new heights recently and is now taking on the world’s best-known companies in the disruptive drone sector.

The business has secured impressive investments to fuel this expansion. With substantial backing from the likes of Frontline Ventures, Molten Ventures and even John Collison. Their ambitious plans include further expansion into key markets in Europe and the US, bringing the future of food delivery (and more) to the world. 🌐

H/T 🎩: The Telegraph

From Belfast to Boston: US Experts Join Forces for Northern Ireland's Health Boom ☘️🇺🇸

Invest Northern Ireland and Northern Irish Connections are targeting the growth of NI's life and health sciences sector with the launch of the US Life and Health Sciences Advisory Board.

The board comprises 14 industry leaders from the US, including the US Special Envoy for Economic Affairs, Joe Kennedy III, who is offering his support.

With the US being the largest export market for Northern Ireland's life and health sciences companies, this collaboration promises mutually beneficial opportunities.

Mark Goldstone, a Belfast-born partner at Eckuity Capital, will lead the board, alongside Kathleen Hagan, founder of Hagan & Company, a Boston-based international marketing consulting firm.

We can't wait to see this group nurture the next Almac Group, Randox or Norbrook Laboratories.

H/T 🎩: Belfast Telegraph

AI and Orla Glynn: An Irish Journey Down Under 🚀

It’s been an incredible year for Orla Glynn. She's made it to the prestigious list of Top 100 Australian Innovators 2023 by The Australian 🌟 and clinched the coveted Women in AI Asia Pacific (APAC)’s “AI in Infrastructure Award 2023” 🏆.

Orla serves as the Executive for AI, Reporting, Insights, and Automation at Telstra and has spent a decade shaping tech strategy for Australia’s giants like AGL and NAB.

With the AI frenzy at its peak, Orla's journey becomes a guiding light for aspiring AI enthusiasts 🌐.

Born in rural Ireland 🍀, Orla pursued business and law at Dublin City University before venturing into the world of chartered accounting and finance. Not exactly known for AI innovation, right?

But in 2008, her role at NAB opened the doors to data and analytics, and Orla never looked back. She now heads a team of exceptional developers and tech wizards, working tirelessly to infuse AI intelligence across Australia’s largest telco, employing hundreds of thousands. No small feat!

H/T 🎩: The Australian

If you enjoy our newsletters or see a story about someone you know? Share the newsletter with your friends and family - It’s the best way to help us grow 🚀

It's been a challenging year for startups in Ireland and around the world. That's why some positive business signals caught my attention this week. 🔎

In 2023, 543 startups using Carta's equity management platform closed, surpassing the previous year's total of 467. This trend is worrisome, with many closures attributed to startups' struggles in raising funds.

Martina Fitzgerald, the CEO of Scale Ireland, also highlighted this issue this week as the "number one concern" for Irish tech companies. She called on Enterprise Ireland to double its seed and venture capital fund.

Despite these challenges, I was encouraged to read a new report from Equinix, which indicates that Irish startups are optimistic and eager to expand globally in 2024. Surprisingly, 79% of Irish businesses surveyed plan to expand either at home or abroad this year.

These businesses will have an additional funding avenue to fuel their expansion, thanks to one of Ireland's most respected voices in venture capital. Finn Murphy has just announced a $20 million solo fund to support European startups in making it in the US.

Murphy is more optimistic than the CEO of Scale Ireland, suggesting that there is ample capital available for ambitious companies:

I tend to agree with Finn, as we are witnessing more funding round announcements, many of which are larger than those in early 2022 and 2023. Recent noteworthy raises from Techmet ($200 million), Ocuco ($60 million), Fibrus ($35 million), and UrbanVolt ($26 million) demonstrate this trend.

Let's hope that the green shoots of positive sentiment continue to grow and that Irish startups can power through the global economic slowdown. 💪🏽

Continue reading to see the other top news stories within the Irish tech sector at home and abroad this week:

Celebrating the top 10 Irish startups by LinkedIn 🚀

LinkedIn has published a list of the top 10 Irish startups, and it's impressive! These companies are all innovative, growing rapidly, have an international footprint and are playing a vital role in the Irish economy.

Here's a quick look at the top 10, with descriptions:

• Sculpted by Aimee - the Irish makeup brand founded by makeup artist Aimee Connolly.

• Tines - the Irish cybersecurity firm that offers security workflow automation software for enterprise customers.

• Outmin - the real-time accounting platform for SMEs.

• &Open - the gifting platform that makes it easier for brands to send carefully selected gifts to customers to boost loyalty.

• Manna Drone Delivery - the business-to-customer drone delivery company.

• Deciphex - a leading provider of digital pathology and AI-powered services for clinical and non-clinical pathology.

• Gym+Coffee - the athleisure clothing company.

• ICS Medical Devices - an industry-leading catheter technology engineering firm.

• ID-Pal - the identity verification specialist.

• Green Rebel - the offshore wind energy site investigation company.

What is incredibly clear from analysing this list is the diversity in startup sectors represented, a sure sign of a healthy, balanced ecosystem.

H/T 🎩: Linkedin

🚁 Manna Drone Delivery Takes Flight to the UK Market

Exciting news for Irish tech abroad! 🇮🇪✈️ Manna, one of Ireland's best-known start-ups is making waves in the UK. They've just launched the first-ever drone takeaway service in the UK, revolutionising how we enjoy our favourite meals. 🍔🚁

HQ’d in Dublin, Manna's expansion showcases the global impact of Irish innovation. Founded by Irish tech veteran Bobby Healy, Manna has soared to new heights recently and is now taking on the world’s best-known companies in the disruptive drone sector.

The business has secured impressive investments to fuel this expansion. With substantial backing from the likes of Frontline Ventures, Molten Ventures and even John Collison. Their ambitious plans include further expansion into key markets in Europe and the US, bringing the future of food delivery (and more) to the world. 🌐

H/T 🎩: The Telegraph

From Belfast to Boston: US Experts Join Forces for Northern Ireland's Health Boom ☘️🇺🇸

Invest Northern Ireland and Northern Irish Connections are targeting the growth of NI's life and health sciences sector with the launch of the US Life and Health Sciences Advisory Board.

The board comprises 14 industry leaders from the US, including the US Special Envoy for Economic Affairs, Joe Kennedy III, who is offering his support.

With the US being the largest export market for Northern Ireland's life and health sciences companies, this collaboration promises mutually beneficial opportunities.

Mark Goldstone, a Belfast-born partner at Eckuity Capital, will lead the board, alongside Kathleen Hagan, founder of Hagan & Company, a Boston-based international marketing consulting firm.

We can't wait to see this group nurture the next Almac Group, Randox or Norbrook Laboratories.

H/T 🎩: Belfast Telegraph

AI and Orla Glynn: An Irish Journey Down Under 🚀

It’s been an incredible year for Orla Glynn. She's made it to the prestigious list of Top 100 Australian Innovators 2023 by The Australian 🌟 and clinched the coveted Women in AI Asia Pacific (APAC)’s “AI in Infrastructure Award 2023” 🏆.

Orla serves as the Executive for AI, Reporting, Insights, and Automation at Telstra and has spent a decade shaping tech strategy for Australia’s giants like AGL and NAB.

With the AI frenzy at its peak, Orla's journey becomes a guiding light for aspiring AI enthusiasts 🌐.

Born in rural Ireland 🍀, Orla pursued business and law at Dublin City University before venturing into the world of chartered accounting and finance. Not exactly known for AI innovation, right?

But in 2008, her role at NAB opened the doors to data and analytics, and Orla never looked back. She now heads a team of exceptional developers and tech wizards, working tirelessly to infuse AI intelligence across Australia’s largest telco, employing hundreds of thousands. No small feat!

H/T 🎩: The Australian

If you enjoy our newsletters or see a story about someone you know? Share the newsletter with your friends and family - It’s the best way to help us grow 🚀