Business Irish

Thursday 19 January 2017

Declan Ryan tips Coindrum for take-off

Published 17/01/2016 | 02:30

Coindrum CEO Lukas Decker. Photo: Tony Gavin
Coindrum CEO Lukas Decker. Photo: Tony Gavin

Aviation tycoon Declan Ryan has described Dublin-based Coindrum as "one of the best start-ups I've seen come out of Ireland".

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The media-shy investor, a founder of Ryanair and son of the late businessman Tony Ryan, is among a number of high-profile backers of Coindrum, which provides self-service machines in airports that convert unwanted coins into shopping vouchers.

Ryan said the business has "great growth opportunities through many airports globally". Coindrum founder Lukas Decker has said the proceeds of a recently completed funding round worth more than $2m - in which Ryan took part - will be used to pursue an aggressive scaling strategy.

In tandem with his brother Shane, Ryan was ranked 23rd on the Sunday Independent's 2015 Rich List.

Through his Irelandia Aviation group, Ryan has replicated the low-cost carrier model in a number of start-up airlines around the model.

The prolific investor has also been a major supporter of Merrion Pharmaceuticals, and apartment-letting firm StayCity, in which he sold his stake last year.

Other backers of Coindrum include Suretank founder Patrick Joy and Hostelworld co-founder Tom Kennedy.

Sunday Indo Business

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