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Dublin: 0 °C Sunday 19 January, 2020

Record year for NDRC as start-ups pull down €40 million

The market capitalisation of companies linked to the start-up hotbed also trebled to €120 million.

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INVESTMENT IN CLIENT companies at the National Digital Research Centre ncreased by 150% to €40 million last year, according to the company’s annual report.

The market capitalisation of the digital start-ups linked to the innovation hotbed trebled to €120 million, and is projected to rise to €180 million by the end of the year.

Companies in the NDRC stable created 311 full-time jobs and 121 part-time jobs in the country by the end of last year.

Within the last month, the NDRC was ranked in the top 2.5% of university business incubators worldwide in what the agency described as “the most comprehensive global study of its kind”, the Global Benchmark Report 2014.

The final ranking was the highest-ever placement for an Irish incubator.

Launching the report, Minister for Communications, Energy and Natural Resources Alex White said that the transition of research into economic outputs is vital.

“NDRC can make a key contribution to achieving this. The value of the Government’s investment is clearly demonstrated by the fact that the NDRC-backed ventures have created more than 300 full-time and 120 part-time jobs in Ireland’s digital economy.”

Leading companies in the NDRC portfolio secured several multi-million funding rounds last year, including a €12 million investment in FieldAware and fellow start-up Logentries landing €10 million in investment.

NDRC chief executive Ben Hurley said that the company plans to become an international leader in early stage investment and technology innovation.

“NDRC has achieved a huge amount in our short history and by analysing the key performance indicators of job creation, market capital and follow-on investment, it is clear that the organisation is continuing to help develop Ireland’s technology base.”

Column: From idea to reality, the story of a young Irish start up>

Read: Physicist wins €5,000 to bring science into morning commute>

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Jack Horgan-Jones

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