Irish cyber firms defy Europe's funding slump in 2024

Ireland's cybersecurity sector recorded its strongest year on record in 2024, even as European funding for the category fell, according to a new Enterprise Ireland report based on PitchBook data.

Irish cybersecurity companies closed 40% more venture capital deals in 2024 than in 2023. Over the same period, European cybersecurity funding fell 9.5%.

Ireland has ranked first or second in Europe for cybersecurity venture deal count per capita every year since 2017 and is home to more than 140 pure-play cybersecurity companies, the report found.

Deal flow

Much of the sustained activity reflects Enterprise Ireland's role in backing early-stage companies. Over the past decade, it participated in more than three-quarters of all Irish cybersecurity deals, making it Europe's leading cybersecurity investor by deal count.

That pattern has coincided with a growing cohort of Irish-founded cybersecurity businesses raising larger rounds from international investors. The report highlighted Tines' €120.7 million Series C round in the first quarter of 2025, led by Goldman Sachs Alternatives, describing it as one of the largest venture rounds secured by an Irish-founded company.

Since 2014, Irish cybersecurity companies have raised more than €450 million through more than 100 venture capital transactions, according to the report.

Company mix

The report highlighted a diverse group of companies winning customers outside Ireland, including Tines, Siren, UrbanFox, Cytidel and Vaultree, which sell into enterprise and government markets.

These companies span multiple cybersecurity segments, including automation workflow, investigative intelligence, AI-driven threat detection, vulnerability prioritisation and fully encrypted data-in-use products.

The increase in deal activity comes as investors across Europe have become more selective about deploying capital. A decline in funding does not always translate into fewer transactions, since smaller rounds and extensions can keep deal counts steady. The rise in Irish deal count suggests the domestic pipeline remained active in 2024 even as the wider European market cooled.

Per-capita rankings can also reflect how concentrated investment is in smaller markets. Ireland's population size can amplify those comparisons, particularly when deal activity is sustained over several years. The report said Ireland has held a top-two position in Europe on that measure each year since 2017.

Jobs outlook

The Irish cybersecurity sector employs more than 8,100 professionals, according to the report, which projects the workforce will rise to 17,000 by 2030.

That expected expansion aligns with broader trends in security spending, as regulatory pressure and the operational impact of cyber incidents have made security budgets less discretionary. It also points to continued demand for security engineering, product development, sales and customer support roles as Irish firms compete internationally.

Anna-Marie Turley, Enterprise Ireland's head of fintech, financial services and cybersecurity, said the latest data reflects demand from international investors and overseas customers.

"Ireland continues to punch well above its weight in European cybersecurity investment, consistently attracting top-tier global investors. With Irish solutions now trusted by leading enterprises and governments worldwide for AI-driven threat detection, investigative intelligence and regulatory compliance, we are seeing unprecedented international demand. Looking ahead, cybersecurity is set to become an absolute non-negotiable priority for organisations everywhere. This positions Ireland's ecosystem for sustained high-growth investment and global leadership in the years to come," said Turley.