Quinn-backed store lighting specialist Nualight raises €1m from existing investors
Published 23/11/2013 | 01:00
Cork-based specialist retail lighting group Nualight has raised €1m from existing investors including the ESB and Climate Change Capital.
Superquinn founder Feargal Quinn has also stumped up more money. It's the second fundraising this year for Nualight. Earlier in the year it raised €2m.
It latest fundraising brings the amount that has been raised by the group to over €12m since it was founded in 2004 by Liam Kelly, who retired from the business earlier this year.
Nualight's lighting technology is used by retail groups such as Tesco, Lidl, Walmart-owned Asda, France's Carrefour, Switzerland's Migros, Sainsbury's and Starbuck's Coffee to enhance food displays.
In Ireland, Nualight's technology is also used by Musgrave's SuperValu and Superquinn chains.
As part of the latest fundraising, ESB Novus Modus, the €200m cleantech and renewable energy investment fund established by the electricity provider, has invested €389,000 in Nualight.
London-based private equity fund Climate Change Capital has provided €477,000.
Feargal Quinn has invested an additional €20,000, while his son Eamonn, who is a former chairman of Nualight, has invested a further €71,000. His brother Stephen has invested €16,000.
Current Nualight chairman Per Langholz has provided €25,000.
They all invested in the earlier fundraising round this year. Other investors in the group include Greencoat Capital and 4th Level Ventures, which is managed by Dolmen Securities.
The latest publicly available accounts for Nualight show it posted revenue of nearly €17.8m in 2011 compared to €10.7m in 2010. But it made a €4.6m operating loss in 2011, nearly four times the €1.2m loss it made in 2010.