- Northern Ireland tech firms received a record £143m in investments in 2023, the highest ever level.
- The growth rate for tech funding in Northern Ireland was modest at less than 3% compared to the previous year.
- Despite a 54% downturn in the UK, Northern Ireland’s tech sector remained resilient.
- The average investment per tech company in Northern Ireland was just under £2m.
- Belfast emerged as the main destination for tech investment in Northern Ireland, with VC funding increasing by 221% between 2019 and 2023.
Northern Ireland Tech Funding Hits Record £143m in 2023
In a significant milestone for the tech industry in Northern Ireland, new data reveals that tech companies in the region secured a record £143m in investments in 2023. This achievement marks the highest level of funding ever received by Northern Ireland tech firms, showcasing the growing interest and confidence in the local tech ecosystem.
Modest Growth Amidst UK Downturn
Despite facing macroeconomic pressures, Northern Ireland’s tech funding saw a modest growth of less than 3% compared to the previous year, reaching £143m in total investments. This increase stands out against the backdrop of a 54% downturn in tech investment across the UK as a whole. The resilience of Northern Ireland’s equity funding sector is commendable, with many larger deals driven by follow-on investments from existing backers who continue to support promising ventures in the region.
Rise in Investment in Female-Led Companies
One notable trend highlighted in the data is the considerable rise in investment in female-led tech companies. In 2023, startups with women in executive positions accounted for 35% of the total deals, reflecting a positive shift towards greater diversity and inclusion in the Northern Ireland tech scene. This increase in funding for female-led ventures underscores the importance of supporting and empowering underrepresented groups in the tech industry.
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Belfast Emerges as Tech Investment Hub
Belfast has emerged as a key destination for tech investment in Northern Ireland, attracting a significant portion of the total funding. Data from HSBC Innovation Banking and Dealroom reveals that between 2019 and 2023, VC funding in Belfast increased by an impressive 221%, surpassing growth rates in other UK cities. This growth trajectory positions Belfast as a thriving tech hub with a conducive environment for innovation and entrepreneurship.
The record level of funding secured by tech companies in Northern Ireland in 2023 reflects the region’s growing prominence in the tech ecosystem. Despite challenges posed by macroeconomic conditions, the resilience and innovation of Northern Ireland’s tech sector continue to attract investors and drive growth. With a focus on supporting diverse founders and fostering a supportive ecosystem, Northern Ireland is poised to further establish itself as a hub of tech excellence in the coming years.
Links to additional Resources: 1. https://www.investni.com/ 2. https://www.belfasttelegraph.co.uk/ 3. https://www.irishtimes.com/