According to the most recent data released by Irish Venture Capital Association (IVCA), the year 2012 witnessed 189 Irish technology firms raising a total of €269 million funds from investors.

Going by the new IVCA data, the funds raised by the Irish technology companies in 2012 was 2 percent lower than the amount - €274 million - that they had raised in 2011; even though the number of companies increased by 18 percent, from 159 in 2011 to 189 in 2012.

As per the IVCA figures, the first round of funding in represented 20 percent of the total funds raised by the Irish technology companies; with the remaining 80 percent of the funding amount consisting of follow-on funding.

Revealing that 735 Irish SMEs have raised venture capital of €1.45 billion ever since the credit crunch began in 2008, IVCA director-general Regina Breheny said that VC investment since that time has led to the creation of up to 20,000 jobs.

In addition, Breheny also said that VC investment since 2008 had also attracted over €450 million of capital into Ireland; resulting in a seven-fold increase in the State's investment through the Seed & Venture Capital programme.

Commenting on the overall contribution of VC investments, Breheny said: "The Irish venture capital community continues to be the main source of funding for Irish SMEs, both through direct investment and as the local lead investor for international syndicate investors."