Monday 18 June 2018

Investors asked to talk to Joe.ie in fundraising push

JOE.ie and Her.ie founder Niall McGarry
JOE.ie and Her.ie founder Niall McGarry
Gavin McLoughlin

Gavin McLoughlin

Maximum Media, the media company behind Joe.ie and Her.ie, has embarked on a significant fundraising drive, the Sunday Independent understands.

The company is looking to raise funds to drive expansion in the UK, via the sale of a minority stake in the business.

A number of Irish and UK private-equity firms have expressed an interest and have been invited to make offers.

The company was founded by entrepreneur Niall McGarry. It has also been backed by former Munster and Ireland rugby star Jerry Flannery.

Maximum's audience has grown in recent years and has invested to grow its content offering in areas like podcasting and live streaming.

Its advertising model places an emphasis on working with companies and brands to create so-called "native advertising", whereby advertisers pay to tell their story via content rather than a traditional display ad.

In a 2015 interview with the Sunday Independent, McGarry claimed the firm had been "hounded" by private-equity firms looking to take a stake.

He also said that a buyout approach for the company had been rejected.

"We got offers last year of about €10m which I thought was a bit short," he said.

Sunday Indo Business

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