This paper assembles the most comprehensive set of data available to offer a comparative perspective on venture capital in Ireland. The paper charts the emergence of the sector and the co-evolution of the demand and supply sides of the market. On the demand side, a flow of investment opportunities emerged -- particularly from the indigenous software sector -- for which venture capital represented an appropriate financing vehicle. Concurrently, on the supply side, public policy -- including publicly provided funding -- dramatically enhanced its availability. State support of the demand side has been a multiple of state support to the supply side of the market. Developing a self-sustaining VC sector, however, is found not to be a straightforward task.