Waterford-headquartered cloud and mobile software player FeedHenry has secured €7m in a funding round led by Intel Capital. The injection of funding will lead to the creation of more than 100 jobs at the company’s Wateford and Dublin offices.
Ireland’s Jobs, Enterprise and Innovation Minister Richard Bruton, TD, and the new investors visited the Waterford office, where the core research and development work is carried out in the 40-person company.
FeedHenry was originally an R&D project established in the Telecommunications Software & Systems Group (TSSG) in Waterford Institute of Technology (WIT). It was spun out in November 2010 and received seed capital funding in 2011 from the Bank of Ireland Seed Fund managed by Kernel Capital.
The company has been supported by the Department of Jobs, Enterprise and Innovation through Enterprise Ireland and Science Foundation Ireland.
The funding includes a seven-figure investment from existing investor Kernel Capital. Other existing investors – VMware Inc, Enterprise Ireland and private investors – also participated and were joined by new investment from ACT Venture Capital investing from its AIB Start Up Accelerator Fund.
The new funding will provide FeedHenry with additional capital to accelerate the international roll out of its award-winning cloud mobile application platform. The platform helps organisations and businesses across the globe build mobile app solutions for employees, consumers and partners, that integrate securely with their business data through the cloud.
FeedHenry CEO Cathal McGloin said recruitment begins immediately with positions in Waterford open for software engineers, project managers and business analysts. The new roles will bring employee numbers in the company to 140 over the next 24 months.
“(The year) 2012 was an amazing growth year for us and clear validation that an agile, cloud-based mobility platform is what enterprises want when it comes to supporting their mobile enterprise strategy,” McGloin explained.
“This investment will allow us to accelerate our growth plans across Europe and North America, and continue our commitment to a research and development base in the south-east.”
FeedHenry provides next-generation, cloud-based mobile enterprise application solutions that simplify the development, deployment and management of mobile apps for enterprise and counts leading global mobile operators among its customers.
Damien Callaghan, investment director at Intel Capital, said: “Enterprise mobility and cloud services are evolving quickly, as both become pivotal to business IT strategy. We believe FeedHenry’s approach to enterprise mobility solutions can help organisations transform their business through mobile and cloud-based technologies.”
Mobile cloud image via Shutterstock