Irish-owned financial spread betting company Delta Index has claimed to have tripled its valuation to €22m following a new €2m funding round led by existing shareholders and new investors.
According to the company, existing investors contributed €900,000 to the round and new investors contributed €1.1m to the round.
Former AIB Group chief executive Tom Mulcahy, who was an earlier investor, has participated in this round along with Delta Index chairman Dermot O’Donoghue, former head of treasury at AIB Group and Delta’s director of international development Chris Curran.
Other investors in the company include Dolmen Securities, the parent company of Dolmen Stockbrokers.
The latest valuation of €22m values the company at three times its valuation 12 months ago.
The funding brings to €4.3m the amount raised since the company was formed in 2002 by actuary Conor O’Neill and technology expert Michael O’Shea.
Financial spread betting — betting on the outcome of an event or performance of a share or commodity as opposed to buying actual stock — has historically been regulated in the UK.
This latest investment, the company says, is timed to take advantage of the upcoming regulation of both financial spread betting and contracts for difference across the EU.
Delta’s Dermot O’Donoghue commented: “Delta Index brings a compelling alternative for Irish investors which provides significant advantages over traditional investment vehicles.
“It is this that has attracted both new clients and quality investors. These investors understand why we continue to win new clients and have indicated their interest in participating in future rounds of fundraising,” O’Donoghue said.
By John Kennedy