FeedHenry, a provider of cloud-based mobile enterprise application solutions, has announced that it has secured â¬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.Â
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.Â
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. Â
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. â2012 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.
âThis 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.â Â
FeedHenry was originally an R&D project established in the Telecommunications SoftwareÂ & 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.Â
Welcoming the announcement as he visited the Waterford location, Minister Bruton saidÂ âA central part of the Governmentâs 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. Â 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.
âThrough 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.âÂ
Damien Callaghan, Investment Director at Intel Capital, said: âEnterprise mobility and cloud services are evolving quickly as both become pivotal to business IT strategy. We believe FeedHenryâs approach to enterprise mobility solutions can help organisations transform their business through mobile and cloud based technologies.â
Commenting on its reinvestment, Niall Olden, Managing Partner of Kernel Capital, said:Â âAs 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.Â Â ThisÂ Series A investment is a demonstration our continued commitment to support ambitious, export-focused high-growth Irish companies.â
Itâs 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.