Access to finance and skilled talent are the key challenges facing Irish entrepreneurs, according to the Ernst & Young (EY) Entrepreneur Of The Year Entrepreneurship Barometer.
Dublin: 10.03.2014 08.10AM
Irish cloud software company Lucey Technology has created a €750,000 investment fund to support new or existing software companies that are looking to bring cloud-based projects to market.
Lucey says the fund is a new twist on angel and seed investment in that its investment is part cash and part development.
In one recent investment, the company Lucey invested in completed a €500,000 funding round of which €150,000 was earmarked for development.
Lucey architected, project managed and built the product on behalf of the company and then invested half the development cost back into the business for an equity stake.
“We have found there are many start-ups and entrepreneurs that are keen to get their concepts to market but don’t know how or don’t have the resources,” Ian Lucey, CEO of Lucey Technology, explained.
“We will assist them in this process and remove many of the roadblocks in place to get a product swiftly and efficiently to market.”
Lucey is looking to invest with either early stage or more developed companies looking to bring new products to market. Investments will range from €25,000 to €200,000.
“We have found that many companies are outsourcing the development of their product without a guarantee on the quality of the work.
“Companies are also having to spend considerable amounts of time learning how to architect and securely managing their products in the cloud. We offer a simple solution to these companies where we will part fund the build of their product and create and manage their infrastructure in return for equity in their business,” Lucey added.
Ian Lucey set up Lucey Technology in 2009 to develop cloud technology for the SME sector after a career that saw him work with Sage and Relate Software.
Recognised as the DIT Hothouse Entrepreneur of the Year 2010, Lucey has also set up Lucey Social, a division of Lucey Technology that donates development time social causes. In 2011, Lucey donated €100,000 in development time to a range of good causes.
Photo: Ian Lucey, CEO of Lucey Technology