VENTURE capital funding to small and medium businesses across Ireland rose 40 per cent to £284 million (€401m).
The figure was revealed at InterTradeIreland's Venture Capital Conference held in Dublin yesterday.
The 22 venture capital funds and business angels networks represented heard it was the highest amount of funding for a decade.
The conference attracted more than 300 delegates and featured an investor panel and extended networking time.
Among the keynote speak-ers was Niamh Bushnell, Dublin commissioner for startups who spoke about her own entrepreneurial journey and also contrasted the start up and investment scene in Ireland and the US.
Margaret Hearty, director of programmes and business, InterTradeIreland said the body "continues to see a buoyant venture capital and business angel sector as essential to a strong growing economy. An example of this is the Halo Business Angel Networks (HBAN) across the island, which in 2014 facilitated 48 deals worth €9m in direct investment from Business Angels, an increase of almost €8m from 2013."
Drew O'Sullivan, lead equity advisor with InterTradeIreland added: "At the early stage, there is a substantial amount of seed equity funding and a trend we experienced in 2014 was an increase in the level of Series A funding.
"In 2014, the level of Series A round funding saw 35 deals, each from €1.5m to €6.5m, which is an increase of 10 deals from 2013 and the highest it has ever been. This is a strong indicator of a better calibre of start-up companies and that businesses are becoming investor ready and attracting this level of funding.
"There are also several accelerator funds that are working to get early stage companies off the ground making this a good time to be seeking equity across the island."