Tuesday 24 April 2018

Multi-million euro funding deals sealed at Dublin Web Summit

Adrian Weckler

Adrian Weckler

Irish tech start-ups announced multimillion euro funding deals as Ireland's Dublin Web Summit swung into action.

Cork-based online security firm Trustev announced a $3m (€2.2m) seed funding round to finance the further development of its online fraud protection technology. The company, run by ex-Cubic Telecom executives Pat Phelan and Chris Kennedy, is being financially backed by US venture capital fund Greycroft Partners and by Irish investors ACT Venture Capital.

"We're thrilled to have such a strong pedigree of investors who believe in our technology," said Trustev co-founder Pat Phelan. "Our focus is on pushing the complexity of fraud into the background, allowing online retailers to concentrate on servicing their honest customers while we identify and eliminate the troublemakers."

Phelan said that by the end of 2013, Trustev will be processing 10 million transactions per week for e-commerce companies.

Meanwhile, a Dublin-based firm, CurrencyFair, has announced €1m in funding from US investment firm Frontline Ventures and another €1m from private angel investors.

"That brings us to over €3m in funding," said CurrencyFair co-founder Brett Meyers. "We've now transacted through the platform over €600m. We're going from a startup stage to a growth stage. We've gone from six staff nine months ago to 24 staff now."

The Web Summit wasn't the only place Irish companies were announcing funding wins. Dublin-based Oneview Healthcare announced a new funding round of €5.2m which, the company says, values it at €26m.

Ten thousand people are attending the Web Summit, according to organisers, and 8,000 of them have flown in to the city for the occasion.

As well as backing for Irish firms, there were 335 new tech jobs announced yesterday, divided between nine US and European companies and spread across Dublin, Cork and Limerick.

The jobs are in software development, online security, internet and digital media.

The highest number of jobs announced came from AdRoll, a large online advertising platform. It will establish a new European centre in Dublin, creating 100 jobs.

Separately, US firm Nitro, which creates online productivity software, is establishing a new European headquarters with the creation of 50 new jobs. According to the company, the positions will support all aspects of its international business, from sales and customer services to engineering and marketing.


In Cork, disaster recovery firm StorageCraft is opening a new international headquarters with the creation of 30 new jobs in IT support, marketing and human resources. Meanwhile, in Limerick, software firm EtQ is establishing a European headquarters with 30 new jobs. The company is looking for people with computer science qualifications and technical sales capability.

Other firms announcing new jobs include AerData, Minds and Machines, Pearl Street Enterprises, Clio and Zendesk.

And Canadian ebook seller Kobo has formally opened its European Software Development Centre in Dublin, with 30 staff. Kobo, a competitor to market leader Amazon, is also partnering with Easons to sell its e-reading devices throughout Easons' 60 Irish stores.

The new jobs are being supported by the IDA.

"We hope to have the next Amazon, Google and Oracle in this group of companies," said Dermot Clohessy, executive director of IDA Ireland.

See Pages 3 & 16

Irish Independent

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