Wednesday 26 October 2016

Investors fork out €2.6m for Nualight funding

Published 17/04/2015 | 02:30

Senator Feargal Quinn
Senator Feargal Quinn

Cork-based speciality lighting company Nualight has raised €2.6m in funding from existing investors including Senator Feargal Quinn.

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The latest round of financing brings to over €20m the amount the company has raised since it was founded in 2004.

The firm has secured the funds from a broad range of existing backers, including London-based Climate Change Capital.

Climate Change Capital stumped up an additional €1m for Nualight. ESB Novusmodus, the €200m cleantech and renewable energy investment fund established by the electricity firm, also gave an extra €1m in financial backing.

Another investment fund, 4th Level Ventures, acquired a stake in Nualight in return for €225,000. The fund is managed by Dolmen Securities.

Mr Quinn forked out about €42,000 in the latest financing round. His son, Eamonn, a former chairman of Nualight, provided an additional €135,000.

Nualight raised €6m last year in two separate rounds of €3m each.

The company's LED lighting is used by commercial customers including retailers to improve their store environment for product display.

Irish Independent

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