Business Grapevine: Successful Irish tech companies to compete for €1bn in UK funding

Up to 25 ambitious Irish-based technology companies will be selected to compete for up to €1 billion in growth capital at an event to be hosted in London in October.

Business Grapevine: Successful Irish tech companies to compete for €1bn in UK funding

By Joe Dermody

Up to 25 ambitious Irish-based technology companies will be selected to compete for up to €1 billion in growth capital at an event to be hosted in London in October.

The TechTrailblazers 2018 event is organised by Moore Stephens chartered accountants, in conjunction with InterTradeIreland and TechIreland.

UK-based investors have already committed to more than €1bn in venture capital funding; how much they invest will be based on their meetings with the Irish companies.

Moore Stephens are still open to applications from Irish-based tech companies that are looking for growth capital funding of €5m to €20m.

In other words, a step or two above startup level.

Some very impressive applicants have already applied; many are from Dublin, but there are also very strong regional candidates.

The ideal criteria include generating revenues or being able to demonstrate a run rate of €1m plus; ideally, candidates will be post-profit.

“We will pick the top 20 or so applicants and connect them with the UK investors,” said Ned Murphy, managing partner in Ireland for Moore Stephens.

The response has been very positive so far, and the quality of applicant is very high. These are the types of companies who might previously have found it hard to access €5m to €20m in growth capital here in Ireland.

"They’re the type of companies who might previously have been targets for acquisition, but now we’re hoping they might stay in Ireland and develop further high-quality jobs here.”

The funding event came about following meetings between Moore Stephens London executives, led by London-based partner Damian Ryan, and VC investors in the UK.

There is a clear appetite for investment.

“Brexit is creating demand among some investors who are looking to invest outside of the UK,” said Ned Murphy.

“The VCs are looking at their options, and the closer to home the better.

"They’ve made it clear that if these companies meet their criteria, then they will be investing.

“We are seeing a broad range of entries, from biotechnology to media technology companies, among others. The VCs have very set criteria, but they’ll look at any sector.

"And, while we have very good applicants in already, the door is still very much open. We haven’t married anyone off yet.”

As well as meeting the financial markers set by the VCs, candidates will also have a strong management team, with a strong balance of equity still held inside the business.

The applicants should possess trademarks, patents, or have explored their IP potential.

In terms of sector, the preference is on software and technology solutions rather than hardware.

The model for the London event will be brokered introductions with the dozen or so UK investors. Selected participants will attend investor readiness workshops led by Moore Stephens.

After delivering speed-pitches, delegates are invited to an exclusive evening event at the Irish Embassy with opportunities to network alongside invited guests from InterTradeIreland, plus TechIreland and more.

They will also network with influencers, investors and advisers. Then, in London, they will pitch to their matched investors.

“If this goes well, you could very see over €1bn being invested in these Irish companies,” said Ned Murphy.

“What could that lead to? I wouldn’t leap to saying ‘the next Google or Facebook’, but I think we could hope to see the next Voxpro.

I think it’s fair to say that Ireland is globally perceived as another Silicon Valley. Just look at Tyndall Institute and the spinouts it is creating. We have worked with some of those companies raising funds.

“We’d be hoping that some of the companies coming out of the Tyndall and the Rubicon will grow in stature and creating quality employment that stays in Ireland and benefits the country,” said Ned Murphy.

“We have had a number of very strong applicants from Dublin, but not exclusively from Dublin.”

Moore Stephens played a role in a funding deal for SensL Technologies — a Tyndall Institute spinout which develops products for medical, industrial and consumer markets.

SensL has also seen huge growth in its light detection and ranging (Lidar) products, which are a cornerstone of the new technology behind autonomous vehicles.

In May, SensL’s unique light technologies led to it being acquired in a multimillion euro deal by the US giant On Semiconductor.

Moore Stephens is hoping that TechTrailblazers 2018 may well be a step for other Irish companies to enjoy similar success.

Once the applications for Tech Trailblazers 2018 have been reviewed, longlisted companies will be interviewed by Moore Stephens. A final shortlist will be announced a month before the event in October.

www.moorestephens.ie

Business movers

Clodagh Quane
Clodagh Quane

Clodagh Quane has joined Audiology Medical Services, the Munster-based hearing test, tinnitus therapy and hearing aids company.

Clodagh is a highly qualified audiologist, and already a favourite with clients in Cork and Kerry.

She has a master’s in audiology and specialises in developing audiology competencies for adults and children, especially in the area of correct hearing aid fitting.

She is also skilled in helping patients with tinntus, vertigo and balance disorders.

She helps people suffering from tinnitus find ways of managing the condition.

Her master’s dissertation examined the experiences of deaf and hard of hearing students at UCC.

Brendan Mc Elroy
Brendan Mc Elroy

Brendan Mc Elroy has been appointed as head of programmatic with Carzone, the motoring marketplace.

He holds a diploma in Media & Communications and has over ten years’ experience with ad operations, website management and advertising sales.

He held previous roles at Mediabrokers Ltd (part of the Electric Media Group), Distilled Media, Page7Media and Dentsu Aegis.

Carzone is part of Auto Trader Group plc, the largest digital automotive marketplace in Ireland and the UK.

As well as being a car trading platform, Carzone is also an authority in the motoring industry with incredible insight into consumer buying trends.

Seán Carty
Seán Carty

Seán Carty has been appointed as business development manager with SLX Data Structures, the elevated engineering company.

He brings valuable industry experience in both technical knowledge and client relations, which will assist the company as it grows and adds to its services portfolio.

Has spent the past 21 years serving customers in the wind and the telecoms sectors.

SLX’s services include masts, towers, foundations, anchoring, fittings, ancillaries and accessories; notably products include SLX guyed tubular masts, SLX guyed lattice masts and SLX self-supporting towers.

The company is headquartered in Dublin.

Enda Murphy
Enda Murphy

Enda Murphy has been named as head of engineering with construction firm Ardmac.

Ardmac, which employs more than 300 people and provides specialist construction services to the commercial fit out, life sciences and data centre sectors.

Enda will manage and support the design and engineering department to ensure that technical design and delivery is consistent on projects, while also developing a continuous improvement environment at the company.

He brings 22 years’ experience as an engineer.

He joined Ardmac from his role as project manager within the industry, notably in senior roles with Jacobs, Riverside Group, Sammon Group and M+W Group.

Aidan Haughey
Aidan Haughey

Aidan Haughey has been appointed as communications manager with IT Sligo.

He brings 15 years’ experience in public and private sector communications, including Foroige, the national youth organisation.

Having worked as a journalist and radio producer in mid-1990s, he moved into PR, notably as communications manager for the Flight of the Earls Commemoration and for the Mayor of London’s Office on a major regeneration project in South East London.

As communications manager with IT Sligo, he will implement the communications strategy for the college and enhance all aspects of internal and external communications.

Peter Harvey
Peter Harvey

Peter Harvey has been named as head of business with Arc Legal Assistance (Arc Legal), a provider of specialist legal expenses and add-on insurance products in the UK and Republic of Ireland.

He assumes his new role as the firm opens a new branch in the Republic of Ireland, to support the growth of its business in the North and South.

He joins from Arthur J Gallagher, where he led the firm’s Northern Ireland personal lines business.

Before Gallagher, he was insurer relationship manager for Swinton’s ‘Open & Direct’ brand in Northern Ireland.

Arc Legal has formed a new product partnership with Irish personal lines MGA KennCo Underwriting (KennCo).

Arc Legal’s new Dublin branch is co-located with parent AmTrust International.

more courts articles

Man (25) in court charged with murdering his father and attempted murder of mother Man (25) in court charged with murdering his father and attempted murder of mother
Man appears in court charged with false imprisonment of woman in van Man appears in court charged with false imprisonment of woman in van
Man in court over alleged false imprisonment of woman Man in court over alleged false imprisonment of woman

More in this section

FILE PHOTO The Competition and Consumer Protection Commission has cleared the purchase of Goodbody Stockbrokers by AIB END Goodbody Stockbrokers fined over €1.2m by Central Bank over rules breaches
Nottingham City Centre Stock Irish staff at the Body Shop wait for wages as retailer shuts stores in the Republic
Ryanair comments on Norwegian Ryanair boss O'Leary's spat with Transport Minister over Dublin Airport escalates
IE logo
Devices


UNLIMITED ACCESS TO THE IRISH EXAMINER FOR TEAMS AND ORGANISATIONS
FIND OUT MORE

The Business Hub
Newsletter

News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.

Sign up
ie logo
Puzzles Logo

Play digital puzzles like crosswords, sudoku and a variety of word games including the popular Word Wheel

Lunchtime News
Newsletter

Keep up with the stories of the day with our lunchtime news wrap.

Sign up
Cookie Policy Privacy Policy Brand Safety FAQ Help Contact Us Terms and Conditions

© Examiner Echo Group Limited