Enterprise Ireland-backed seed and venture capital (VC) funds invested €42 million in 74 companies last year.

Companies based in Dublin benefited most from the State agency’s most recent programme, which runs from 2007 to 2012, with almost half of investments being won by firms based in the Dublin city and county.

Almost one-third of the investments were won by companies based in EU regions outside of Ireland.

Companies in the life sciences and software sectors attracted most of the funding committed last year, receiving investments totalling €34 million and €33.5 million respectively.

A report on the 2010 activity of seed and venture capital funds backed by Enterprise Ireland shows that of the €550 million available for investment through the 2007-2012 programme, only €80 million has been committed to investee firms. A spokeswoman for the agency said that four of the funds were set up recently.