07-05-2025
Enterprise Ireland invested €27.6m in 157 start-ups in 2024
Enterprise Ireland invested €27.6m in start-ups last year, up 15% compared to the amount invested in 2023.
The money was spread across 157 companies - one more than in the previous year.
Enterprise Ireland said 63 of the companies it invested in are based outside of Dublin, 45 are women-led, while 25 were spun out of third level institutions.
There was also a mix in terms of the start-up stage of the companies in question.
"Those start-ups are a mixture of pre-seed start-ups, early stage - up to €100,000 invested by Enterprise Ireland," said Carol Gibbons, Enterprise Ireland spokesperson for entrepreneurship. "Over 90 of them are our high-potential start-ups, these are the innovative start-ups gaining in global markets.
Among the areas that the 'Class of 2024' start-ups focused on were areas like food and nutrition, as well as sustainability and the circular economy/
However artificial intelligence was one of the most significant trends in the year.
"Aideen Bodkin's company - StyleAI - for example, which is a company that is bringing more revenue back to the retail market - particularly for apparel," said Ms Gibbons. "Also Nexus AI - that's a company that looks at an AI-technology platform which is scientifically backed and based, and it's to do with nutrition and performance for athletes in particular.
"That company is incredibly successful... last week they announced a contract with the IRFU for existing players and pathway players. And we expect to see more announcements from them."
Global investment in AI has risen considerably in recent years, with start-ups and major companies all trying to gain an edge in the space. That has made it fast-moving and extremely competitive, despite the uses cases for some of the technology still being unclear. But Ms Gibbons said Ireland is well-placed for these new ideas to grow.
"We've seen a lot of investment into start-ups over the last number of years and we're looking at those companies that can be competitive internationally," she said. "When we look at our new strategy, we want to create 1,000 new start-ups by 2029 - those companies need to be internationally-focused and have that ambition."
Enterprise Ireland aims to help Irish companies to grow internationally, however the global trade environment has changed dramatically in recent weeks - meaning the prospects facing these companies today are very different to the ones that existed when the investments were made.
Ms Gibbons said its advice to companies has been to focus on what they can control.
"We're doubling down on our efforts, we've stood up a new team in terms of trade and tariffs, we're working one-to-one with our companies in-market," she said. "We've seven US offices, we've 34 staff on the ground - and what we say to companies is to see what's in your control.
"Look at your contracts, look at the detail within those contracts. Talk to your clients, talk to your customers, and in particular look at your supply chain. Every single aspect of your supply chain; look at it and know where it's coming from."
