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Renewal Diary to take finance raised to over €1m in new funding round

 

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'Renewal Diary employs five people. It hopes to eventually grow its user base to one million and boost its employment number to 12.' Stock photo: Getty Images/iStockphoto

'Renewal Diary employs five people. It hopes to eventually grow its user base to one million and boost its employment number to 12.' Stock photo: Getty Images/iStockphoto

Getty Images/iStockphoto

'Renewal Diary employs five people. It hopes to eventually grow its user base to one million and boost its employment number to 12.' Stock photo: Getty Images/iStockphoto

Renewal Diary, a technology startup which helps its users manage utility, broadband and insurance contract renewals, is seeking to take the total amount it has raised to over €1m as it prepares for a €500,000 funding round.

The company, which was founded in December 2017 by Fiachra Ó Comhraí and Cormac Horan, has already received support from several UK and Ireland-based investors. These include ex-Salesforce EMEA chairman Steve Garnett and former KKR partner Henrik Kraft.

Its new funding round will be split between private investors and Enterprise Ireland.

"Enterprise Ireland is excited by what we are doing and asked us how they could help us get the next round done," said Ó Comhraí.

"Our existing investors were already ready for it. Things that do well in recessions are pound shops and pizzas. People want to go for treats, but not go to a restaurant.

"We think it's the same for renewals. In boom times, people won't bother renewing - thinking, how bad could it be? ­- but in a recession, everybody is questioning whether they are getting that value."

Renewal Diary employs five people. It hopes to eventually grow its user base to one million and boost its employment number to 12.

Sunday Indo Business