After a record high in venture capital funding in quarter one, the Irish Venture Capital Association VenturePulse survey today confirms Q2 saw a record low at just €112.6m. Venture capital funding for start-ups and SMEs fell to €112.6m in quarter two of 2025, from €494m in the same quarter last year, according to the Irish Venture Capital Association (IVCA) VenturePulse survey published today (7 September). It is the lowest figure the IVCA has recorded since Q2 2015. The data does refer to just one quarter, but in its report published today IVCA identifies the Q2 figures as a “warning sign” for Ireland. The figure means that despite a very strong first quarter, funding for the first half of 2025 fell by 14pc overall, down to €645.5m from €752.7m the previous year.