Losses for 2011 widen at Storyful
LOSSES at the online news agency Storyful widened last year, as the company dealt with higher costs.
Accounts just filed for Storyful Limited show that for the year to the end of 2011, the company lost €832,857, up from €363,944.
That pushed up accumulated losses on the firm to just under €1.2m.
Former RTE journalist Mark Little, who set up the company in 2010, said the higher shortfall was due to "standard start up costs".
Despite the loss, Mr Little said his firm hoped to double revenues this year.
Mr Little described the investments by serial internet entrepreneur Ray Nolan, RTE Dragon Sean O'Sullivan's SOS ventures and ACT Ventures as "significant" and "the resulting expansion explains the figures".
The filings show that the firm received a total cash injection of €951,630 last year.
Storyful's business is based on verifying content on social media and supplying it to traditional news organisations. The company apparently has signed agreements with ABC News, Reuters, BBC, New York Times, Bloomberg, Channel Four.
A former presenter of 'Prime Time' and Washington correspondent for RTE, Mr Little confirmed he had left the national broadcaster permanently.
The figures show that the firm had shareholder funds of €88,434 at the end of December last following a shareholders' deficit of €93,790 in 2010.
Storyful employs some 30 people now. Most of those are based in Dublin, although it opened offices in Hong Kong and New York this year.
"We are focusing our resources on technology and will expand our development team in 2013.
"It's been a hard slog in the prevailing economic climate building a successful start-up but our focus on international clients and an emerging market has helped us survive and prosper," he added.