Moocall uses a sensor system that lets farmers know by text when a cow is about to calve
Moocall, the Irish company that developed a calving sensor alert system for cows, edged into profit last year for the first time.
The firm is backed by Michael Smurfit Snr and businessman Michael Stanley. Mr Stanley is a co-founder of Cairn Homes, where he is chief executive.
Moocall has received millions of euro in backing since its products were launched in 2014.
Created by farmer Niall Austin, Moocall uses a sensor system that lets farmers know by text when a cow is about to calve. The firm has since launched other products, such as a device that lets farmers know when a cow is in heat, as well as a herd and breeding management app.
Mr Smurfit, once the chairman of packaging giant Smurfit Kappa, has now invested millions of euro in Moocall.
In 2019, the firm received a fresh €3.6m cash injection from investors, with Mr Smurfit providing €2m of that. The paper baron first invested in Moocall in 2014 as part of a €750,000 funding round.
A Dublin firm controlled by Mr Smurfit's daughter Sharon, has also invested in Moocall via a company controlled by her.
She is married to Moocall’s chief executive, Emmet Savage, who is also a shareholder in the business.
The latest set of accounts for the business confirm that it posted a maiden profit of just over €19,000 last year. It had accumulated losses of €5.7m at the end of 2020.
“Turnover from recurring revenue streams have been increasing and projections prepared by the company forecast turnover continuing to increase in the coming years, both in terms of hardware sales and particularly recurring revenue streams,” note the directors in the accounts.
“Previous projection forecast profitability in 2021, but this was achieved in 2020,” they add.
The directors note that additional funding had been received through the parent company in 2018 and 2019, and that investments were restructured “with a view to ensuring that the company has sufficient resources to be in a position to continue to sustain losses until 2021”.
Moocall’s products, dubbed ‘wearables for cows’ are sold in dozens of countries around the world.
Its directors said that projections show continued profits being generated this year.