Dublin Vinyl seeks to record €300k EIIS investment to power its growth
An Irish company that presses vinyl records is seeking up to €300,000 under the Employment and Investment Incentive Scheme (EIIS) as part of a €650,000 fundraising.
Dublin Vinyl is already a client of Enterprise Ireland's (EI) high-potential start-up programme. It hopes to bring in €250,000 from EI and up to €150,000 in crowdfunding.
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The money will be used to grow Dublin Vinyl's direct-to-consumer business. According to the EIIS information memorandum, global vinyl sales are at their highest in 30 years, with sales in Ireland expected to reach €5m.
Dublin Vinyl secured two vinyl pressing machines and began production in January 2018.
It is now working with some of the world's biggest record labels. "Due to increasing demands from its international clients, Dublin Vinyl is doubling its capacity, with the addition of two more presses," state the documents. It currently has the capacity to produce 100,000 pieces of vinyl a month.
Projected revenues for 2020 are €5m, rising to €14m in 2022.
Earlier this year, the company launched its direct-to-fan service, which allows the business to ship orders directly to fans on behalf of an artist or label.
It also has a subscription service, LovesVinyl.com, shipping albums to members every month. It expects to grow subscription numbers at 500 a month. There are plans to expand this part of the business to Japan and America.
Founded by Hugh Scully and Donagh Molloy, it already exports to the UK, Germany, America, Australia and Japan.
Dublin Vinyl has recently launched its own distribution network in Ireland.
Sunday Indo Business