Technology firms have been the biggest beneficiaries as venture capital investment in Ireland surged over the past three years, according to a new survey from corporate law firm Matheson Ormsby Prentice, in association with the Irish Venture Capital Association.

Funds raised reached £200 million (#254 million) last year from £15.8 million in 1997, with banks (35.4 per cent) and pension funds (31.5 per cent) being the principal contributors. Technology companies received 37 per cent of the capital invested.