Ireland's financial industry was revived as it saw a 6% increase in its venture capital activity last year, according to Irish News.

The country held the InterTradeIreland venture capital (VC) conference in Belfast recently. The event, which had over 350 entrepreneurs and investors, showcased the £237 million (€284 million) investment that the country received from venture capitalists last year, the report detailed.

InterTradeIreland operations manager Grainne Lennon said: "With substantial potential investment available from the VC and business angel community, this conference helped enhance delegates' knowledge of many sources of funding. The outlook for 2014 is extremely bright as innovation and available equity are both at their highest levels in recent years, which is further stimulating the venture capital market and economic regeneration across the island."

Ireland will continue to seek economic growth with two new VC funds set to be launched by the government. The said funds will invest between £500,000 and £2 million in every target firm. As enterprise minister Arlene Foster said during the conference, this is one of the best times for companies to raise equity from investors, Irish News reported.