Enterprise Ireland, the government agency responsible for the development and growth of Irish companies in global markets, invested €27.6m in Irish startups and supported a total of 157 startup companies in 2024.
Investment was provided through Enterprise Ireland’s High Potential StartUp (HPSU) and Pre-Seed Start Fund (PSSF) programmes.
The results were announced recently at Enterprise Ireland’s annual startup day conference in Dublin with more than 600 delegates in attendance to include the ‘Class of 2024’ Enterprise Ireland supported startup companies and the wider startup ecosystem including investors, state agencies and startup accelerators.
Startups supported by Enterprise Ireland in 2024
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90 High Potential Startup’s (HPSU) with high growth potential – startup businesses with the potential to create 10 jobs and €1m in sales within three years of starting up;
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69 Pre-Seed Start Fund (PSSF) investments which inject critical early-stage funding into new businesses;
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63 of the companies supported were based outside of Dublin;
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45 women-led startup companies were approved investment;
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13 HPSUs emerged from academic research;
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25 companies were spun out of third level institutions;
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34 companies were supported through the Enterprise Ireland Commercialisation Fund Programme.
2024 marked the final year of Enterprise Ireland’s three-year strategy ‘Leading in a Changing World 2022 -2024’ and in 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. During that time period over €78m was invested in these startup companies.
Enterprise Ireland’s startup day also includes a pitching element, featuring top university (pre) spin-out ventures emerging from Enterprise Ireland's Commercialisation Fund. These teams will pitch their visionary concepts, competing for an award and the prestigious opportunity to participate in UC Berkeley’s Venture Connectivity Program.
Enterprise minister Peter Burke said: “Today is about celebrating the spirit of Irish entrepreneurship. The strong pipeline of innovative startups 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.
This government, through Enterprise Ireland, will continue to provide funding, mentorship, market access and tailored programmes as the stepping stones for success. 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.”
Pipeline of innovative and scalable startups
Looking forward, enhancing the pipeline of innovative and scalable startups is a key objective of Enterprise Ireland's new strategy, ‘Delivering for Ireland, Leading Globally, with a target set to support 1,000 new startups over the five-year period, from 2025 to 2029.
Kevin Sherry, Interim CEO, Enterprise Ireland, said: “Startup Day 2025 is a celebration of Ireland’s strong and dynamic start-up community and the startup class of 2024 have and will continue to play a significant role in contributing to the vibrancy of Ireland’s startup 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 startup 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.”