Brite:bill secures €1.25m of new equity funding
(From left) Jim Hannon, co-founder and CTO, Brite:bill; Michael Murphy, managing partner, NCB Ventures; and Alan Coleman, CEO Brite:bill
Dublin-based e-billing start-up Brite:bill has secured €1.25m of new equity funding from The Ulster Bank Diageo Venture Fund. The company is now planning to use this funding to double the size of its business portfolio in the next year.
Established in 2010, Brite:bill provides bill presentation solutions for telcos, utility companies, banks and postal operators.
It already has a partnership with Accenture to pilot its technology with two of the world's largest post offices.
The company, which is headed up by Alan Coleman, plans to use this funding round to drive market expansion throughout the EU and ultimately the US in 2013, as well as doubling the size of its business.
In 2010, Brite:bill received an initial investment of €1.25m from the Ulster Bank Diageo Venture Fund, which is managed by NCB Ventures. With that investment the company grew its workforce by more than 20 people to 30.
The majority of its employees are based in Dublin, where Brite:bill carries out all its R&D and prototyping. Brite:bill also has a subsidiary in Shanghai, China, where it carries out product development.
"The new funding will help us realise our ambition to build a global company and revolutionise the world of bill presentation and distribution," said Coleman.
He said the company had gleaned "significant traction" in terms of new contracts recently.
Via Brite:bill's technology, direct billers such as telcos and utility companies, can provide a personalised bill presentation experience for their customers.