6 Ireland Tech Startups to Watch

Think “tech” and “Ireland”, and you’d be forgiven for immediately thinking about the enviable concentration of tech behemoths which have selected Dublin as their base of Europe, Middle East and Africa operations.

While the presence of the likes of Google, Facebook and LinkedIn has undoubtedly made the Irish capital one of the most significant industry hubs in the world, a number of factors also make the country an ideal launching pad for hungry young startups which are blazing trails and drawing attention from investors.

It’s the only English-speaking nation in the EU, enjoys a convenient strategic location between the US and Europe, has one of the lowest corporation tax rates in Europe, and boasts a fertile ecosystem of business incubators and accelerators.

With all this in mind, let’s consider just some of the companies that have risen to the fore in their respective verticals in recent years.

Launched just in time for the e-commerce boom which accompanied the pandemic, Wayflyer uses incisive data analysis to provide bespoke, short-term financing for online retail companies.

Its founders were spurred by the fact that maintaining positive cash flow, and being able to afford to buy inventory before orders are taken, can be major stumbling block for e-commerce companies. Wayflyer solves this issue by offering financing for a fixed fee, after using open banking to assess an e-commerce company’s financial viability.

No equity is taken, making it an appealing solution for companies that want to retain full control. In February 2022, a funding round of $150 million allowed the Dublin-based firm to cross the unicorn threshold, making it only the sixth such success story in Ireland’s history.

Many of the hottest properties within healthtech are apps which provide support for both physical and psychological ailments, and a prime example is Spectrum.Life. Last year, the company secured $5.4 million in investment for its workplace mental health and wellbeing platform, which allows companies, universities and other organisations to provide an holistic range of services to their people.

These include 24/7 live chat support, video counselling, mental health and wellbeing webinars, covering everything from stress management to nutrition. The startup boasts over 2,000 clients with an impressive pool of over 4 million potential users, so it’s no surprise it’s on investors’ radars.

Describing itself as “the planet’s loyalty programme”, IMPT is a blockchain-based platform which allows you to offset your carbon footprint as you shop with any of its 10,000+ partnered retailers.

Whenever a purchase is made through the IMPT platform – whether it’s a pair of Puma trainers or a Samsonite suitcase – a percentage of the purchase price is transferred to a user’s account as IMPT tokens, which can in turn be used to acquire NFT-based carbon credits. Users can then allocate these to a vast selection of accredited environmental projects across the world.

With the carbon offset marketplace tipped to be worth $1 trillion by 2037, IMPT is well placed to capitalise on the ever-increasing demand for environmentally aware commerce, and we anticipate hearing a lot more about the platform in the months and years to come.

It may be neighbouring one of the world’s top fintech hubs (the UK), but Ireland is no slouch itself when it comes to financially-focused tech trailblazers. Last year, many of such homegrown companies basked in the limelight at the inaugural National Fintech Awards take place at Mansion House, Dublin. One of these was NoFrixion, which bagged the award for Best Digital Banking Solution.

As its name suggests, NoFrixion aims to smooth the money-management process for companies, allowing them to integrate their banking operations with their ERP platforms, accounting platforms and other core business applications, eliminating inefficiencies and streamlining the process of paying and getting paid.

As well as receiving industry plaudits, the startup has so far raised close to $4 million in funding, and aims to significantly upscale this year.

Social media and content hosting platforms have allowed millions of people to generate revenues and become bona fide celebrities from the comfort of their own homes. But many such creators and influencers have had to contend with their material being pirated or – worse – subjected to deepfake alterations.

Irish startup Ceartas has risen to the challenge of protecting copyrighted content and swiftly taking down unauthorised leaks and copycats. It provides round-the-clock monitoring of websites and search engines, so that offending content can be rapidly removed and de-indexed. As well as being utilised by individuals, Ceartas has also partnered with movie and TV show distributors, and has so far secured $500,000 in seed investment.

A superstar startup in the Irish tech space, Manna has established itself as one of the world’s top drone delivery developers. Last year, having successfully conducted trials in County Galway and County Dublin, the company announced that it would roll out deliveries in the Dublin suburb of Blanchardstown, home to Ireland’s biggest shopping centre.

This has given Manna access to a vast pool of retail clients who can use the company’s swift drones to deliver products – including hot food – in minutes. The drones themselves are sleek and rather elegant devices, lowering their cargo to the ground by way of a winch.

It’s a novel and rather surreal spectacle right now, but one which increasing numbers of people will be getting used to. Manna has already commenced trials over in Texas, and has so far raised $50 million in investment. It will be fascinating to see how this plucky Irish company will fare as competition heats up with powerful rivals such as Google’s sister company Wing.

Whether you’re a founder in Ireland or planning transactions in the Emerald Isle, our expert dealmakers and analysts are on hand to provide the guidance you need. Say hello to our director and senior dealmaker Jonathan Simnett to get the ball rolling.