Enterprise Ireland invested over €27 million in Irish start-ups in 2024

Enterprise Ireland (EI), which is the government agency responsible for the development and growth of Irish companies in global markets, said the funds were provided through its High Potential Start-Up (HPSU) and Pre-Seed Start Fund (PSSF) programmes.

The funding was revealed at Enterprise Ireland’s annual Start-Up Day Conference in Dublin, which was attended by over 600 delegates, including investors, state agencies and start-up accelerators.

Start-ups supported by Enterprise Ireland in 2024 included 90 High Potential Start-Ups (HPSU) with high growth potential, ie, start-up businesses with the potential to create 10 jobs and €1m in sales within three years of being founded.

There were also 69 Pre-Seed Start Fund (PSSF) investments, which inject critical early-stage funding into new businesses.

Of the 69 EI said 63 of the companies supported were based outside of Dublin, while 45 women-led start-up companies were approved with investment.

Last year, 13 HPSUs emerged from academic research, while 25 companies were spun out of third-level institutions.

EI said 34 companies were supported through the Enterprise Ireland Commercialisation Fund Programme.

Last year also marked the final year of Enterprise Ireland’s three-year strategy "Leading in a Changing World 2022 -2024".

Over that period, there were a total of 266 HPSUs and 213 Pre-Seed Start Fund approvals with half of the companies based outside of Dublin, with over €78m invested in these start-up companies. 

As part of Enterprise Ireland’s Start-Up Day, university (pre) spin-out ventures emerging from Enterprise Ireland's Commercialisation Fund were invited to pitch their ideas.

These teams were invited to pitch their visionary concepts, competing for an award and the prestigious opportunity to participate in UC Berkeley’s Venture Connectivity Program.

Minister for Enterprise, Tourism and Employment Peter Burke said: "The strong pipeline of innovative start-ups emerging over the last three years demonstrates the extraordinary resilience and business ambition of Irish-founded start-up teams, particularly against the backdrop of a challenging global economic period."

Minister for Enterprise, Tourism and Employment Peter Burke.

He added: "Start-ups are critical to our economic future, our global reputation and our societal progress and we remain fully committed to fostering an environment where innovation flourishes, and where every entrepreneur has the tools needed to thrive and succeed.”

Under Enterprise Ireland's new strategy, ‘Delivering for Ireland, Leading Globally,' they have set a target set to support 1,000 new start-ups over the five-year period, from 2025 to 2029.

Kevin Sherry, Interim CEO, Enterprise Ireland, said: “Start-up Day 2025 is a celebration of Ireland’s strong and dynamic start-up community, and the Start-Up class of 2024 have and will continue to play a significant role in contributing to the vibrancy of Ireland’s start-up ecosystem.

"A key objective in our new strategy is to Accelerate Sustainable Irish Business so that, in time, exporting Irish companies will become the primary driver of the Irish economy.

"As part of our plan, Enterprise Ireland is undertaking a dedicated consultation process by engaging with the start-up ecosystem on the supports available for early-stage companies in Ireland.

"This aims to strengthen our pipeline of early-stage companies with the potential to scale internationally, furthering Ireland’s position as a global leader in entrepreneurship and innovation.”

* This article was originally published on BusinessPlus.ie.