A total of €89 million was invested in Irish technology companies by venture capital firms last year, according to a new report.
The Money for Growth 2002report, published by consultants PricewaterhouseCoopers, is the fifth annual report on technology investment in Europe.
More than 150 Irish firms received funding last year, a rise of one third over 2001. The total invested here was €105 million, of which €89 million (85 per cent) was invested in technology.
Some 48 companies received their first venture capital investment last year.
The total funding raised by Irish venture capital outfits was €201 million, of which 45 per cent is already earmarked for new companies.
Mr Joe Tynan, Irish partner for the PwC Global Technology Industry Group, said: "Irish venture capitalists are committed to developing the Irish technology industry.
"In 2002, they raised over €200 million. Of this, they expect to invest almost 45 per cent into early stage or new companies.
Companies who have the right combination of innovative ideas, management expertise and entrepreneurial vision can attract this investment and turn their ideas into reality."