Ireland’s Cybersecurity Sector Defies European Decline with Strongest Year on Record – New PitchBook Report

Ireland’s cybersecurity sector delivered its strongest year in 2024, closing 40% more VC deals than in 2023 while European cybersecurity funding fell 9.5%, according to a new report powered by PitchBook data and published by Enterprise Ireland. This performance helped Ireland maintain its position as first or second in Europe for cybersecurity VC deal count per capita every year since 2017.

Enterprise Ireland participated in more than three-quarters of all deals over the past decade, making it Europe’s leading cybersecurity investor by deal count. This sustained ecosystem support has enabled Irish cybersecurity companies to launch, scale rapidly and attract world-class global investors – most recently demonstrated by Tines’ €120.7 million Series C raise in Q1 2025, which was led by Goldman Sachs Alternatives, one of the largest venture rounds ever secured by an Irish-founded company.

Key highlights from the report:

• Since 2014, Irish cybersecurity companies have raised over €450 million across more than 100 VC transactions.
• Irish firms such as Tines, Siren, UrbanFox, Cytidel and Vaultree are winning global enterprise and government clients with automation workflow, investigative intelligence, AI-driven threat detection, vulnerability prioritisation and fully encrypted data-in-use solutions.
• Ireland is home to over 140 pure-play cybersecurity companies and has ranked first or second in Europe for cybersecurity VC deal count per capita every year since 2017.
• The sector currently employs more than 8,100 professionals, projected to grow to 17,000 by 2030.

Anna-Marie Turley, Head of Fintech, Financial Services and Cybersecurity at Enterprise Ireland, commented: “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.”

The full report, Ireland’s Cybersecurity Landscape, is available for immediate download at Ireland’s Cybersecurity Landscape | Enterprise Ireland

Ends

For reference, please contact: 

Marika MacCarvill, Senior Communications Manager - Ireland & International, Enterprise Ireland 

00 353 86 171 2568/ marika.maccarvill@enterprise-ireland.com