Cape Clear raises €10m in funding

30 Jun 2003

Dublin web services software firm Cape Clear has raised €10m in additional venture capital from existing investors, which will be used to fund forthcoming acquisitions. The latest capital injection brings to €30m the total amount of funding raised by the company.

Cape Clear, which was established in 1999 by Iona co-founder Annrai O’Toole, has been swiftly carving a major niche for itself in the development of software integration tools for disparate computer systems, an area known as web services.

In the past year it has been chalking up contracts with BSkyB and a major financial information network, SWIFT. Other contracts secured include Nortel, Verizon and Morgan Stanley.

The latest investment comes from existing shareholders Accel, Greylock and ACT Venture Capital. Cape Clear raised $2m in seed funding in 2000 and $16m from Accel, Greylock and ACT in 2001.

Cape Clear employs 60 people in Dublin, London and in two offices in the US. It is understood that Cape Clear is enjoying 50pc revenue growth quarter-on-quarter and is close to breaking even. The new investment will be used to fund expansion plans as well as strategic acquisitions.

By John Kennedy