Guru Bill McCabe forsees a future for psychic line
Investment guru Bill McCabe and other backers have stumped up €2.6m in funding for a Dublin firm that has developed a psychics hotline and dating chat service for telecoms operators, the Irish Independent has learned.
The investment in Psytech Digital - whose products include 7th Sense Psychics and Voice Mingle - was made using an Isle of Man vehicle called Horsham Investments.
It is in turn controlled by another Isle of Man company, Oyster Technology Investments.
Oyster is majority controlled by Bill McCabe, with a number of other investors from the United States, Ireland and the UK holding stakes in the firm.
Mr McCabe and Oyster have invested in a large number of firms involved in a range of activities, from manufacturing breast implants to mobile technology.
Among the companies Oyster is involved in is Irish firm FieldAware, which develops mobile applications used by workers in the field, and US-based Novaerus, a company that specialises in air sterilisation systems for healthcare facilities.
Psytech Digital was founded by telecoms entrepreneurs Marcus and Richard Brennan, and Tadhg O'Toole.
The trio have been involved in a string of telecoms firms over the past 20 years.
Company filings for Psytech Digital show that aside from the €2.6m invested in the firm by Oyster, another business connected with the founders, Modeva Interactive, invested €675,000 in Psytech over the past few months.
Marcus Brennan was uncontactable, but the website for Psytech Digital shows that 7th Sense Psychics and Voice Mingle are its only two products to date.
The psychics line is serviced by individuals with names such as Mystic Morgan, Starr and Madame Michelle, with a premium rate number to the line costing €2.44 a minute.
"Our readers have over 15 years' experience and can help you get spiritual advice, insight or guidance for the questions you have," it claims.
More recently, the Psytech founders were involved in establishing gambling service Betbright.com.
Its parent firm is Dublin-based Dedsert, whose sole shareholder is listed as Dedsert Limited based in the British Virgin Islands.
Betbright was launched in 2013 and has apparently performed better than had been expected by the founders.
The company owns and operates its own proprietary software for the gambling site, rather than using a white-label system delivered by another provider.
Most of the visits to the website are generated by gamblers in the UK.
"We are taking a bite out of a market that is profitable but which has yet to fully grasp the changing nature of digital engagement," Marcus Brennan said soon after its launch.
Mr Brennan is the chief executive of Betbright.