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US investment guru injected €500,000 into Everseen 

 

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Funding: Francisco Partners’ Neil Garfinkel backed Everseen

Funding: Francisco Partners’ Neil Garfinkel backed Everseen

Funding: Francisco Partners’ Neil Garfinkel backed Everseen

US tech investment veteran Neil Garfinkel personally injected €500,000 into Cork-based retail software firm Everseen as part of a recent €3.6m fundraising, new company filings show.

Everseen confirmed earlier in the summer that Mr Garfinkel, the founding partner of Francisco Partners, had taken a stake in the firm but had declined to reveal the scale of his investment.

Francisco Partners has invested in hundreds of tech firms and has about $12bn (€10bn) of assets under management.

Everseen is backed by high profile Irish business people including Carl McCann and Cyril McGuire.

It raised €3.6m in May, which came on top of €3.4m that was injected into the business by investors in February.

The Cork company has raised more than €35m since it was founded in 2007.

Other investors in the firm include Tayto Park owner Ray Coyle, the chief executive of the Irish Continental ferry group, Eamonn Rothwell, and former Fexco director Pa Nolan. Backers also include pharmacy chain owner Brian McCartan and Barry Connolly, the owner of drinks distributor Richmond Marketing.

Everseen's technology is used to help retailers combat more almost €40bn in annual losses that are racked up around the world every year due to non-scanning and other irregularities at the point of sale.

The firm's system is used by top retailers such as Walmart.

The funds raised this year by Everseen have been earmarked to help it expand its operations in the United States and Europe, chief executive and founder Alan O'Herlihy said last month.

The May fundraising also saw investment from Stephen Grant, the founder of Offaly-based Grant Engineering.

He was the single largest investor in the May round, stumping up €1.15m for Everseen.

Dean Graham, the founder and CEO of Sector Financial in Maryland, invested €252,000 in May.

Sector Financial is a speciality finance firm, providing solutions for mid-market companies. It's an affiliate of Credit Suisse.

Everseen's technology platform uses cameras to monitor store checkouts and customer self-scan areas in real time. It can detect when store staff forget to scan a particular item, for instance, and remind them to scan it for sale.

The firm has been constantly evolving its technology and its ambitions include the deployment of systems that will simply recognise products being bought by customers, without the need to scan them.

Mr O'Herlihy has a long background in retail.

Irish Independent