Thursday 27 October 2016

Facebook's Zuckerberg to fund Irish tech firm

Published 27/08/2015 | 02:30

Facebook founder Mark Zuckerberg
Facebook founder Mark Zuckerberg

An Irish technology company has landed a €31m funding round from investors who include Mark Zuckerberg, Sheryl Sandberg and Twitter boss Jack Dorsey.

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Intercom, which makes online customer communication tools, is to use the money to double its workforce in Dublin from 70 to 140 over the next year. The company says most of these will be engineering jobs.

Intercom's total funding now amounts to $66m (€58m), following a €17m funding round last year. The deal values the company at over €200m.

Investors include Iconiq Capital, which manages funds from Mark Zuckerberg, Facebook chief operating officer Sheryl Sandberg and Twitter chief executive Jack Dorsey. It also represents LinkedIn founder Reid Hoffman. Intercom had previously raised over €5m in initial funding from investors which included ex-Twitter founder Biz Stone.

Company co-founder and chief executive Eoghan McCabe has said that the company wants to seek a public flotation and reach a valuation of €1bn.Intercom is regularly cited as a breakthrough customer service product by senior company executives in Silicon Valley. It has 7,000 paying customers in 85 countries, many of which are tech companies such as, New Relic and Shopify.

Intercom is on course to grow its revenue one hundred fold since its first funding round in June 2013, according to a company spokesman.

The company's customers communicate 3m times per day with over 250 million people using the platform, said the spokesman.

Other investors in the latest funding round include The Social + Capital Partnership and Bessemer Venture Partners.

Intercom is divided between San Francisco and Dublin, with the company's design and engineering hubs based in Dublin and its business development based in the US.

"We're a product-first company, with 50pc of our employees working in research and development," said Eoghan McCabe.

"We nearly tripled headcount in 2014, and already in 2015 have nearly doubled to over 140 employees.

"We'll double globally again over the next 12 months and build out our platform so every single team in a business can use Intercom for all customer communication."

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