Enterprise Ireland invested €27m in start-ups and supported 161 companies during 2022, new figures from the government agency show.

Of those 161, 91 were considered “High Potential Start-Up (HPSUs) investments” which are companies with the potential to create 10 jobs and generate €1m in sales within the first three years. There were 13 HPSUs that came out of academic research.

There were 44 pre-seed start fund investments which inject early funding into new businesses and 16 competitive start fund investments.

In total, 24 companies were spun out of third-level institutions, supported through the Enterprise Ireland Commercialisation Fund Programme. 

Of all the companies supported by Enterprise Ireland in 2022, 50% were located outside of Dublin and over one-third were led by women.

Kevin Sherry, executive director at Enterprise Ireland, said 2022 was a “successful year” for Irish start-ups as the country came out of the pandemic.

“A strong start-up ecosystem is vital to the future of Ireland. Start-ups are a powerful driver of economic growth, new talent and innovation,” he said, adding that the start-ups who received funding last year will serve as “role models for new founders” coming through.

These figures were released ahead of Enterprise Ireland's Start-Up Showcase today in the RDS which 600 delegates are expected to attend. The event marks the start of the agency’s summit week in celebration of its 25th anniversary.

Junior minister responsible for company regulation Dara Calleary congratulated the start-ups who received funding in 2022 saying it was a “strong year” for the country’s start-up economy.

“Ireland’s open economy is built on resilient, internationally focused and productive Irish enterprises. These are critical to the Government’s policy on regional development and are vital to the future growth of the Irish economy, supporting livelihoods and contributing to prosperity throughout the country,” he said.

Reporting: Irish Examiner