Irish companies raised a record €734 million from investors for the nine months to end September 2016, 77% ahead of the €415m over the same period last year, according to the Irish Venture Capital Association.

The IVCA’s Venture Pulse Q3 survey reports that in the July to September quarter companies raised €248m compared with €108m in the same quarter last year. Notable Q3 fundraisers included €45m for Genomics Medicine Ireland, €84m for Carrick Therapeutics, €18m for GC Aesthetics, €15m for Inflamazone and €14m for Vivasure..

“A particular feature in 2016 has been the strong performance by the life sciences sector, which accounts for 54% of total funds raised, boosted by an 80% concentration in Q3,” said Michael Murphy, chairman of the IVCA.

Regina Breheny (pictured), director general of the IVCA, added that significant international funds continue to be attracted into the Irish tech sector, with local venture capital companies playing a key role.

“The Irish venture capital community continues to be the main source of funding for Irish innovative SMEs both through direct investment and as the local lead investor for international syndicates, who invested €123m in the third quarter, bringing the total for the nine months to end September 2016 to €328m. This compares to investment by international syndicates of €225m in the same nine month period in 2015,” she said.

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Growth and expansion funding accounted for 94% of total funds raised in the third quarter. However, Breheny said that new seed funds are starting to have an impact. “First round seed funding is growing again, and at €57m for the nine months to end September is exceeding the peak levels of 2013.”