Key Takeaways
- • Irish venture capital funding reached €296 million ($342.2 million) across 20 deals in Q2 2026, representing a 150% increase in value year-over-year and 61% growth quarter-over-quarter, according to KPMG's Venture Pulse report.
- • Three mega-deals accounted for nearly two-thirds of total Q2 funding: Fonoa (AI-driven tax technology) raised $110 million in Series C led by Headline; CameraMatics (fleet vehicle safety AI) secured $56 million led by Blume Equity; and Manna (delivery logistics) closed $50 million from a consortium including ISIF, Schooner Capital, and Ark Invest in March.
- • Software and AI-enabled businesses dominated investor attention, with international capital driving the majority of Q2 fundraising activity, signaling strong institutional appetite for tech-enabled solutions despite Manna's subsequent announcement of a strategic pause in Irish operations.
- • Deal volume remained relatively flat (20 deals in Q2 2026 versus 19 in Q1 2026 and comparable year-over-year levels), indicating that growth was concentrated in deal size and capital deployment rather than transaction frequency.
Summary
Irish venture capital investment surged to €296 million in the second quarter of 2026, marking a substantial acceleration in funding activity. KPMG's analysis revealed 20 completed deals valued at $342.2 million, reflecting a 150% increase in funding value compared to the same quarter in 2025 and a 61% sequential jump from Q1 2026. However, the distribution of capital was highly concentrated, with three large-scale transactions accounting for nearly two-thirds of total quarterly funding.
The funding landscape was dominated by artificial intelligence and software companies. Dublin-based Fonoa, an AI-driven tax technology platform, led fundraising with a $110 million Series C round closed in June and backed by global venture capital firm Headline. CameraMatics, which deploys AI technology to enhance fleet vehicle safety, secured $56 million from a consortium led by UK-based Blume Equity. Manna, an Irish logistics company, completed the third-largest deal with $50 million raised in March from a consortium including ISIF, Boston-based Schooner Capital, and Ark Invest (affiliated with investor Cathie Wood). Manna subsequently announced a strategic pause in its Irish delivery operations, facing operational setbacks during the year.
According to Gavin Sheehan, partner in deal advisory at KPMG Ireland, the majority of fundraising activity flowed to software businesses, with international investors driving significant capital inflows. The uptick in total funding value was largely attributable to these international capital sources, reflecting sustained institutional confidence in Irish tech ventures despite modest deal volume growth. Transaction counts remained relatively steady quarter-over-quarter and year-over-year, underscoring that Q2 growth was driven by larger average deal sizes rather than increased transaction frequency.
The funding landscape was dominated by artificial intelligence and software companies. Dublin-based Fonoa, an AI-driven tax technology platform, led fundraising with a $110 million Series C round closed in June and backed by global venture capital firm Headline. CameraMatics, which deploys AI technology to enhance fleet vehicle safety, secured $56 million from a consortium led by UK-based Blume Equity. Manna, an Irish logistics company, completed the third-largest deal with $50 million raised in March from a consortium including ISIF, Boston-based Schooner Capital, and Ark Invest (affiliated with investor Cathie Wood). Manna subsequently announced a strategic pause in its Irish delivery operations, facing operational setbacks during the year.
According to Gavin Sheehan, partner in deal advisory at KPMG Ireland, the majority of fundraising activity flowed to software businesses, with international investors driving significant capital inflows. The uptick in total funding value was largely attributable to these international capital sources, reflecting sustained institutional confidence in Irish tech ventures despite modest deal volume growth. Transaction counts remained relatively steady quarter-over-quarter and year-over-year, underscoring that Q2 growth was driven by larger average deal sizes rather than increased transaction frequency.
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