Ireland’s first financial technology start-up programme, NDRC FinTech, was launched this morning by Minister for Communications, Pat Rabbitte.
Dublin: 11.03.2014 01.44PM
Sean Prior, CEO, Wavebreak Media
Wavebreak Media, the visual content producer based at Cork Institute of Technology (CIT), has received €400,000 in follow-on investment. It now plans to create 10 new jobs over the next 12 to 18 months.
Wavebreak has also just reached a milestone in that it has sole its millionth stock image.
The Bank of Ireland Seed and Early Stage Equity Fund led the investment round, with Kernal Capital providing €250K and Enterprise Ireland providing €150K in funding.
Wavebreak Media itself was set up in 2006 by Sean Prior, who is now CEO. Since then the start-up, which is based at CIT’s Rubicon Centre, has grown its portfolio to produce still imagery, video footage, 3D animations and after effects files.
Already employing 20 people, Wavebreak has amassed a catalogue of over 100,000 stock media files which are sold via its website and also through an international distribution network of 60 agents that include Getty Images and Corbis Motion.
The company’s visual content is being used in TV commercials, billboard ads, print media and advertisements. Current customers include Dell, RTÉ, Fox Sports and MTV.
Prior said that Wavebreak would use the investment to increase its catalogue of royalty free super slow motion content and to support its future recruiting plans.
“This follow-on investment will enable us to further expand and diversify our product portfolio and move to the next levels of sales and employment,” said Prior.
Enterprise Ireland's new regional director for the south/south east region Enda McDonnell said that Wavebreak Media is just the type of innovative export-oriented company that Enterprise Ireland is keen to support.
“We look forward to continuing to work with the company to further develop their international expansion plans,” he said.