Cork media tech firm lands €30m funding windfall
THE Cork-based communications software company Poppulo has announced a €30 million funding round from a US-based investment firm.
Poppulo, formerly known as Newsweaver, will still be majority-owned by its current shareholders, including founder and CEO Andrew O’Shaughnessy.
The company employs 163 people in Cork.
Poppulo’s software specialises in communications systems including email, “pulse surveys” and analytics within large companies. Its market is primarily large enterprises including multinationals such as Unilever, Telefonica, Bank of America and Nestlé.
A company spokesman said that “almost half the world’s top pharma companies” are also customers, while Irish companies using the products include CRH, Kerry, AIB and the Ardagh Group.
Poppulo also employs 37 people at an office in Boston.
Mr O’Shaughnessy said the investment is being taken to accelerate the firm’s international expansion.
The funding is being supplied by Susquehanna Growth Equity, a Pennsylvania based investment firm which has previously bet over $1bn in companies such as Payoneer and Outbrain.
The fund is financed by Susquehanna International Group, one the world’s largest privately-held financial services firms.
“In 2012 I clearly saw this was where we needed to be as a company, so I bet our future on a sector that was in early-stage development,” said Mr O'Shaughnessy.
“We were acutely aware that people need to feel a sense of purpose in their workplace, of being involved and being valued and having their views heard and acted on.”
The company’s specialist software was originally focused on internal email management, performance measurement and analytics.
Its stated aim, said Mr O’Shaughnessy, was allow large organisations to communicate effectively with their workforces for greater levels of engagement and enhanced employee experience.
It recently launched a mobile app.
“We already dominate corporate internal communications email globally and now with our mobile app organisations can reach all their employees wherever they are, at their desks, at remote locations or on the road,” said Mr O’Shaughnessy.