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DUBLIN: Investment in Irish technology companies had its second strongest performance in more than a decade last year – as the presence of multi-national companies continues to transform the capital.
Google, Facebook & Twitter are just some of the recognisable names with European headquarters’ in the Grand Canal Dock area of Dublin, otherwise known as Silicon Docks.
Ireland’s low corporate tax rate has long made it an attractive hub for them but the start-up scene there is also thriving.
Some €458m was invested in the Republic in 2017, according to figures by PitchBook.
Figures from The Irish Venture Capital Association showed that tech firms raised a record €1bn last year – that’s more than £870m.
Although there’s no shortage of investment and the tech giants have helped bring attention to the city, some start-ups and financial investors say their presence also presents challenges for young companies.
Girl Crew, a social network app for women, is one of the start-up success stories.
Founder Elva Carri told Sky News: “We have raised over £650,000 since launching in June this year.
“There are pros and cons to sharing the city with the big multi-nationals.
“Pros: we got to be a part of Google’s Adopt A Start-Up programme, and that has been very beneficial.
“But then there is the downside, like it drives rent up for people.”
