ManageCO2 Software gets €600k investment

27 Feb 2012

Pictured, from left: Paul Kavanagh, Bloom Equity; Eric Reed, Enterprise Equity; Derek Spillane, business development director, ManageCo2 Software; Adrian Fleming, CEO, ManageCO2; PJ Browne, chairman, ManageCO2; Ray Meaney, CTO, ManageCO2

ManageCO2 Software, the Limerick-based environmental software start-up, has secured a €600,000 investment. It is now aiming to create 12 new jobs over the next 18 months.

ManageCO2 Software secured the investment from the AIB Seed Capital Fund (which is co-managed by Enterprise Equity Venture Capital), Bloom Equity and Enterprise Ireland. Now the company is preparing to create six new IT jobs for the mid-west region within the next six months. It says it expects this figure to double to 12 new positions within 18 months.

The Limerick start-up was just set up in 2009 by three former Dell Ireland employees – Adrian Fleming, Derek Spillane and Roy Meaney – after they recognised a gap in the environmental software market at the time. ManageCO2 Software is also a graduate of the Hartnett Enterprise Acceleration Centre’s LEAP programme, which is based at the Limerick Institute of Technology campus.

Its strategy is to help organisations to measure, report and manage their carbon emissions, as well as helping firms meet legislative requirements around greenhouse gases.

And, in addition to Ireland, the company’s software is now being used in 38 countries globally, including the UK, Australia, the US, Canada, Brazil and China.

Jobs and expansion plans

CEO Adrian Fleming said today that the €600,000 investment will be directed towards sustaining ManageCO2 Software’s growth plans, as well as spurring on new jobs for the Limerick and Clare region.

“The investment represents the creation of six new high-value jobs in the next six months, which will double to 12 within 18 months. This funding will help accelerate our international growth plans, allow further investment in our innovative software platform and also provide employment in the Limerick and Clare region,” he said.

Ireland’s clean-tech advantage

Eric Reed, a partner in Enterprise Equity, also spoke today about Ireland’s prospects in the clean-tech space.

“The AIB Seed Capital Fund investment reflects our confidence in the application of software solutions to the green technology space where we think Ireland has a strong competitive advantage. We are excited to be working with ManageCO2 Software, which is an excellent example of a high-potential start-up that has significant growth potential both at home and abroad.”

Enterprise Equity co-manages the AIB Seed Capital Fund of €53m. This fund invests in start-up and early stage companies based in Ireland that have high growth potential, including medical devices and med-tech start-ups.

Other companies Enterprise Equity Venture Capital has invested in include Swrve, which produces online games optimisation software; Footbridge Learning, an online learning platform for kids; and EpiSensor, which is pioneering wireless sensor network and data collection technology.

Carmel Doyle was a long-time reporter with Silicon Republic