NDRC, which builds and invests in early stage digital and technology startups, saw its portfolio of companies enjoy a positive 2017, with significant funding announcements throughout the year.
- NDRC’s portfolio of companies enjoyed another positive year in 2017, with a series of major investment announcements totalling more-than €50 million
- Number of ventures invested by NDRC now exceeds 250
- Almost 80 ventures supported in 2017 through various programmes
- National remit underpinned by launch of Galway and Waterford accelerators
NDRC, which builds and invests in early stage digital and technology startups, saw its portfolio of companies enjoy a positive 2017.
More than €50 million was announced in follow-on investments across a series of major deals made throughout the 12 months. Some of the companies who made headlines with their announcements included Nuritas, Plynk and Tandem HR.
Having invested in 28 new companies during 2017, the number of companies invested in by NDRC has now exceeded the 250 mark since its foundation in 2007. With ten years’ experience, NDRC’s success is built on finding very early stage companies and teams at concept stage, with the potential to grow internationally.
2017 also saw the completion of NDRC’s first regional accelerator in Galway, with graduate company Appraisee the first winner of an NDRC at PorterShed programme, which will run again in 2018.
End year 2017 also saw the launch of NDRC’s second regional accelerator at ArcLabs, Waterford. Recruitment of startups is currently underway for this programme with places available for up to 10 new ventures.
Both these regional accelerators are supported by Enterprise Ireland.
Elsewhere a partnership with the Oman Technology Fund, which sees NDRC assist in an early-stage accelerator programme in Muscat, was also completed in 2017 introducing NDRCs work to an international audience.
Overall NDRC supported almost 80 ventures in 2017 when its pre-commercialisation and pre-acceleration programmes are taken into account.
Welcoming the results, Ben Hurley, NDRC CEO, said:
“The series of funding announcements made by NDRC companies in 2017 shows just how innovative and hard-working our startups are proving to be. NDRC’s role, funded by the Department of Communications, Climate Action and the Environment, as part of its digital strategy, is based on the recognition that, with the right selection, focus and acceleration, Irish digital entrepreneurs can be attractive propositions for investors both at home and abroad.
“NDRC’s offering of capital investment and specialist expertise in the nascent stages of Irish startups is what makes the organisation so effective. To see Seed funding increasing to such a degree amongst our portfolio is one thing, but the Series A successes by Irish startups is proof that our companies are maturing and attracting some of the biggest investors in the world.”
NDRC will publish further results on jobs supported by its investments and on the market capital value of its portfolio in its Annual Report later in the year.
NDRC sources and builds digital start-ups to invest in and work with, providing them with an integrated offering of knowledge, experience and expertise and enabling them to become market ready faster, more successfully and more efficiently than otherwise. With a mandate from the Department of Communications, Climate Action and Environment, NDRC aims to ensure digital entrepreneurship is a growing and vibrant part of the economy.