The seed funding round led by DBIC Ventures will support the company’s growth plans, including the creation of 30 new jobs in the next two years.
Cloud CRM company Clarity CX1 has secured a €1.6m seed investment to support its global expansion plans.
The funding round was led by DBIC Ventures, the venture arm of the Dublin Business Innovation Centre, and will help the company create 30 new jobs over the next two years.
Angel investors from Halo Business Angel Network (HBAN) as well as Enterprise Ireland, Tribal.vc and Spark Crowdfunding also contributed to the funding round.
The Dublin-based company, which was established in February 2020, develops tailored CRM tools built on the Salesforce Lightning platform. These tools are designed specifically for sectors with complex customer engagement structures, such as life sciences, manufacturing and financial services.
Clarity CX1’s CEO and founder, Chris Deren, said these industries often have large voids in their CRM systems because of complex sales cycles.
“Sales teams are engaging with multiple stakeholders of varying seniority in multiple departments: it is not only a headache, but it delays revenues,” he said.
“We are providing users with the insights to make the best use of their time and therefore shorten the sales cycle and pursue more qualified opportunities.”
As part of its growth plans, the company intends to target large multinationals operating in the US, Asia-Pacific, Europe and the UK.
Clarity CX1 expects to reach revenues of €1m by the end of 2022. The new jobs will bring the company’s total headcount to more than 40, with the majority of roles based in Dublin.
“We are delighted to have the backing of DBIC Ventures as we go to market,” Deren added. “They have not only provided us with capital, but also the experience, knowledge and network of contacts that are so important at this early stage.”
DBIC Ventures invested in the company via its latest fund, which was launched in 2019 and is investing in up to 30 Irish software and medtech companies over the next two years. The fund is backed by leading Irish technology entrepreneurs and business leaders, as well as Enterprise Ireland.
DBIC Ventures partner Colm O’Sullivan, who will join Clarity CX1’s board, said the investment underlines the “clear global market need” for the company’s tools.
“The company is pursuing an aggressive growth strategy and targeting some of the world’s most profitable industries,” he said. “I am excited to be joining the company’s board and working with the Clarity CX1 team as the company scales rapidly.”
10 things you need to know direct to your inbox every weekday. Sign up for the Daily Brief, Silicon Republic’s digest of essential sci-tech news.