University College Dublin's Centre for New Ventures and Entrepreneurs (NovaUCD) has announced that the businesses it has helped over the years have raised over €760 million in equity funding to date.The NovaUCD centre opened around 15 years ago with the goal of supporting entrepreneurs and start-ups spun out of the university with mentorship and help to take their businesses to the next level. Many of the companies supported by the centre have gone on to be quite successful, raising further capital through investments and other methods.
The university has now completed its latest survey of the 360 companies that have been through the programme to date in order to estimate the impact it's had, and found some impressive results. The companies had a collective turnover in 2018 of over €113 million, had gone on to raise over €760 million in equity funding.
The companies represent a wide range of tech industry business, from agricultural and financial tech firms to medtech and clean energy companies. They directly employ over 1,040 people today, with over 90% of thsoe jobs still being based in Ireland and supporting the Irish economy.
Julie Sinnamon, CEO, Enterprise Ireland, said "Start-ups are the life blood of the Irish economy and a key role for Enterprise Ireland is to support the start-up ecosystem. Enterprise Ireland has supported NovaUCD over the last 15 years and I would like to congratulate the centre and the companies on their success."
Source: Press Release
About the author
Brendan is a Sync NI writer with a special interest in the gaming sector, programming, emerging technology, and physics. To connect with Brendan, feel free to send him an email or follow him on Twitter.
Got a news-related tip you’d like to see covered on Sync NI? Email the editorial team for our consideration.
Sign up now for a FREE weekly newsletter showcasing the latest news, jobs and events in NI’s tech sector.
