FeedHenry, a provider of cloud-based
mobile enterprise application solutions, has today announced that it
has secured €7M ($9M) in a funding round led by Intel Capital and that
it plans to create 100 jobs over the next two years, with the majority
located in its Waterford and Dublin offices.
The investment was confirmed as Jobs, Enterprise and Innovation
Minister, Richard Bruton TD, and the new investors visited the
Waterford office where the core research and development work is
carried out in the 40-person company. The company has been supported
by the Department of Jobs, Enterprise and Innovation through
Enterprise Ireland and Science Foundation Ireland.
The funding includes a seven figure investment from existing investor
Kernel Capital. Other existing investors – VMware Inc, Enterprise
Ireland and private investors – also participated and were joined by
new investment from ACT Venture Capital investing from its AIB Start
Up Accelerator Fund.
The new funding will provide FeedHenry with additional capital to
accelerate the international roll-out of its award-winning cloud
mobile application platform. The platform helps organisations and
businesses across the globe build mobile app solutions for employees,
consumers and partners that integrate securely with their business
data through the cloud.
FeedHenry CEO Cathal McGloin says recruitment begins immediately with
positions in Waterford open for software engineers, project managers
and business analysts and will bring employment levels in the company
to 140 over the next 24 months. “2012 was an amazing growth year for
us and clear validation that an agile, cloud-based mobility platform
is what enterprises want when it comes to supporting their mobile
“This investment will allow us to accelerate our growth plans across
Europe and North America, and continue our commitment to a research
and development base in the south-east.”
FeedHenry was originally an R&D project established in the
Telecommunications Software & Systems Group (TSSG) in Waterford
Institute of Technology (WIT),.It was spun out in November 2010 and
received seed capital funding in 2011 from the Bank or Ireland Seed
Fund managed by Kernel Capital.
Welcoming the announcement as he visited the Waterford location,
Minister Bruton said “A central part of the Government’s plan for
jobs and growth is ensuring that we extract more commercial and
employment benefits from the strong base of scientific and
technological research we have built up over the past decade.
FeedHenry is a great example of how a research project can grow to
become a successful international business, attracting venture capital
backing. Crucially, it is doing this in the South East, a region
which has suffered badly from unemployment over recent years and which
we have targeted for support through our South East Plan.
“Through the continued implementation of the Action Plan for Jobs, I
am determined to further strengthen the technology sector in Ireland,
build on the 11,000 additional jobs created in the past two years in
this area and create the growth we need.”
Damien Callaghan, Investment Director at Intel Capital, said:
“Enterprise mobility and cloud services are evolving quickly as both
become pivotal to business IT strategy. We believe FeedHenry’s
approach to enterprise mobility solutions can help organisations
transform their business through mobile and cloud based technologies.”
Commenting on its reinvestment, Niall Olden, Managing Partner of
Kernel Capital, said: “As the first institutional investor in
FeedHenry in 2011 through our Bank of Ireland Seed Fund, we recognised
from the outset that FeedHenry fills a void in the mobile enterprise
market by giving enterprises the opportunity to leverage the power of
both mobile and cloud to develop employee and consumer facing apps,
all from a single platform. This Series A investment is a
demonstration our continued commitment to support ambitious,
export-focused high-growth Irish companies.”
It’s been an incredible month for FeedHenry which has hubs in
Waterford, Dublin, the UK and the US. Just two weeks ago, FeedHenry
was announced as a winner of the Red Herring Top 100 Europe award.
Previous winners of the Red Herring Top 100 Award include Facebook,
Twitter, Google, Yahoo, Skype, Salesforce.com, YouTube, and eBay. The
company has also won awards from the Irish Software Association (ISA),
the international wireless association (CTIA) and was a rising star
winner in the Deloitte Technology Fast 50 during 2012.