Ray Nolan backs new XSellco online start-up
Ray Nolan, the internet entrepreneur who sold WRI for more than €200m in 2009, is back with a brand new venture, XSellco, that he hopes will bust open the Amazon and eBay trading market.
The new company will enable customers to trade "smarter" and earn bigger margins on platforms such as eBay or Amazon, by providing pricing, inventory management, order processing and other services.
The "seven-figure" start-up costs of the Dublin-headquartered firm have been funded by Nolan, who chairs the venture. The cloud-based platform has been under development for the last two years.
"The XSellco platform is a trading solution that makes it easy for sellers to find buyers in a global market across the Amazon and eBay marketplaces. It provides sellers with the tools to compete internationally and secure new customers in competitive markets," according to the firm.
The XSellco mobile app means online distribution and retailing businesses can be run from anywhere.
Rugby fanatic Nolan is a serial entrepreneur, focusing on disruptive technology plays which help to completely change the market and customer habits.
He sold his first business, Coretime, to computing giant Sage in 2005. An investment of €150,000 returned a staggering $500m, as he helped build up Hostelworld into one of the busiest hostel bed booking websites in the world. Its parent company WRI was bought by private equity firm Hellman Friedman in 2009.
Nolan is chairman of the flight price-comparison business Skyscanner. The flight website is Europe's biggest flight search engine.
The former Smurfit computer programmer has also built up social media jobs site Worky.com, as well as investing in Smartbin. Nolan also developed the Ultimate Rugby app with Ireland rugby star Brian O'Driscoll.