Waterford-based, FeedHenry Drives Growth with $9M in funding led by Intel Capital
Mobile tech company plans to create 100 new jobs by 2015
WATERFORD, IRELAND – May 2, 2013 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 enterprise strategy.
“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.
About Intel Capital
Intel Capital, Intel's global investment and M&A organisation, makes equity investments in innovative technology start-ups and companies worldwide. Intel Capital invests in a broad range of companies offering hardware, software, and services targeting enterprise, mobility, health, consumer Internet, digital media and semiconductor manufacturing. Since 1991, Intel Capital has invested more than US$10.8 billion in over 1,276 companies in 54 countries. In that timeframe, 201 portfolio companies have gone public on various exchanges around the world and 317 were acquired or participated in a merger. In 2012, Intel Capital invested US$352 million in 150 investments with approximately 57 percent of funds invested outside North America. For more information on Intel Capital and its differentiated advantages, visit www.intelcapital.com or follow @Intelcapital.
FeedHenry provides next generation, cloud-based mobile enterprise application solutions that simplify the development, deployment and management of mobile apps for enterprise. The FeedHenry platform enables development of native, hybrid and HTML5 apps that securely connect to multiple backend systems and supports deployment of server-side code to private, public or hybrid cloud environments. The solution offers IT departments the ability to create, control, measure, adapt and future-proof their mobile business strategies for employees, partners and customers in one place, increasing productivity, connectivity and engagement.
About Kernel Capital
Kernel Capital and its associate Life Science investment firm Seroba Kernel have in excess of €173m under management in six separate Venture Capital funds, investing in ICT, Life Science and general seed and early stage investments. These funds are supported by Enterprise Ireland, Bank of Ireland, University of Limerick Foundation, NUI, Galway and a range of other financial institutions. They have invested in Kernel Capital's portfolio of 60+ companies which collectively employ in excess of 1,000 people and have been granted over 150 scientific patents. Kernel Capital and Seroba Kernel are committed to dynamic, innovative, knowledge based companies and believe that it is an exceptional time for investment. To find out more visit www.kernelcapital.ie
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