Readers like you keep news free for everyone.

More than 5,000 readers have already pitched in to keep free access to The Journal.

For the price of one cup of coffee each week you can help keep paywalls away.

Support us today
Not now
Saturday 2 December 2023 Dublin: -1°C
so hot right now

These will be the boom industries for European startups this year

And Ireland has been punching above its weight in getting many of these new businesses off the ground.

STARTUPS DESIGNING APPS for mobile devices will be the hottest sector for European investors over the coming year.

That is according to a survey of startup accelerators from Fundacity, which has produced a report into the industry.

It said the mobile app market was the one accelerators were most likely to invest in during the coming 12 months, followed by data analytics and the internet of things – a catch-all term for smart everyday devices.

Here’s what Fundacity listed as the hottest sectors:

Startups3 Fundacity Fundacity

The report also showed Ireland was punching above its weight when it came to being among the most active countries for accelerators last year.

The accelerator model is based on competitive applications for early-stage funding, as well as giving startups access to mentors and training.

Some 81 startups were put through accelerator programmes in Ireland for 2014, the fifth-highest number of any country in Europe.

The figure was higher than the total for Germany, although well behind the 599 startups supported through similar investment schemes in the UK.

Startups1 Fundacity Fundacity

The report said €39.5 million was invested in startups through accelerators across Europe last year of which about €1.9 million went to Irish companies.

The major players

Wayra, a startup accelerator backed by Spanish telecoms giant Telefónica, provided the biggest share of that funding.

It recently announced it was closing its Dublin office, one of 12 outposts worldwide, when the current cohort of businesses finished its programme in June.

Previous local graduates include Trustev, which in 2013 was named Europe’s best technology startup, and Restored Hearing, which began as a Young Scientist project in 2009.

Ireland's Best Young Entre Mark Stedman / Photocall Ireland Restored Hearing's Rhona Togher Mark Stedman / Photocall Ireland / Photocall Ireland

The decision came after Telefónica offloaded its Irish O2 network to rival Hutchinson Whampoa, which operates the Three brand.

The Irish government-supported National Digital Research Centre (NDRC) was the third-biggest investor across Europe among the public funds, and in the top-10 overall.

Startups2 Fundacity Fundacity

By the end of last year, startups in its portfolio had a total market value of €220 million.

READ: 4 things anyone can learn from the brains behind these little bottles >

READ: There’s an awful lot of money being made through infertility >

Your Voice
Readers Comments
    Submit a report
    Please help us understand how this comment violates our community guidelines.
    Thank you for the feedback
    Your feedback has been sent to our team for review.