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Kerry's Arvoia to raise $24m to grow its data platform

 

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Arvoia’s Mike Webster is in expansion mode and is critical of Google and Facebook selling data

Arvoia’s Mike Webster is in expansion mode and is critical of Google and Facebook selling data

Arvoia’s Mike Webster is in expansion mode and is critical of Google and Facebook selling data

Kerry-based technology company Arvoia is planning to raise $24m (€20.5m) in the coming months as it further develops its behavioural data business.

The company was bought by Mike Wesbter from fintech Fexco in 2014 and has to date raised $10m. Its original focus was in the mobility technology area, such as car rental and bus transfer technology but it is now using data to predict behaviours for a number of sectors.

Webster said that the company is in the process of opening up an office in Dubai and has had a huge number of applications for the role of business development director there.

This office will help the company tap into the hospitality sector. Gerald Lawless, an Irish former executive with the Jumeirah hotel group in Dubai, has recently joined the Arvoia board.

Webster said the technology "is much broader than we thought it would be" and he plans to increase staff numbers from 35 to 108 over the next 19 months.

"We are working in Latin America with a telco to use behavioural insights to bring mobility solutions to the market place, find out what type of mobility services they can offer," he said.

Webster said that company had also worked with car company Daimler in Germany to establish how its driver app could become more of a lifestyle service. Municipalities and hospitality companies are also using the technology.

Webster, who is critical of Facebook and Google's sale of people's data, said his aim is to build a community who would share data.

"We want to share the behavioural insights with everybody else on the platform."

The fundraising will begin at the end of the month and Webster said he hoped to have it completed by the first quarter of 2021.

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His preference is to get anchor trade investors on board such as a telco, a leading hospitality organisation and a car manufacturer.


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