Irish start-ups secure funding for ‘boring’ blockchain and gifting growth

19 Apr 2022

Jonathan Legge, Ciara Flood and Mark Legge of &Open. Image: Linda Brownlee

Dimply, &Open and Binarii Labs have all secured fresh financing to fund future expansion.

Last year was a “landmark” one for Irish tech with 292 companies raising more than €1.6bn in funding – and deals are continuing to roll in.

Dublin-based fintech Dimply has just raised €1m in seed funding and signed its first commercial deal.

The company is developing what it describes as an “intelligent experience and engagement platform” to help financial enterprises reach customers.

According to The Irish Times, Dimply has now raised €2.1m to date and the fresh funding will help it ramp up operations, expand its team and develop more partnerships.

Co-founder and chief commercial officer Colm McLoughlin said on LinkedIn that Dimply is now partnering with asset management company Mercer.

“Day to day, we are addressing problems and solutions with some of the best people [and] financial enterprises that any tech business would want to have as a customer,” he added.

Opening up new opportunities

Meanwhile, the Business Post reports that &Open has secured €2m in venture debt from Silicon Valley Bank to further develop its platform and accelerate growth.

Dublin-based &Open has developed an online corporate gifting platform that allows clients to send physical and digital gifts, with the aim of encouraging customer loyalty or employee engagement. Clients include Airbnb, Spotify and Intercom.

The start-up was founded in 2017 by Jonathan Legge, Ciara Flood and Mark Legge, and it raised $7.2m in funding last year.

After seeing demand for its gifting services skyrocket, &Open revealed plans to grow its team to around 160 people by the end of 2022.

Boost for ‘boring’ blockchain

The Business Post also reports that Irish blockchain start-up Binarii Labs has closed a $1.6m seed round that values the company at $6.5m.

The company is based in Kildare and has also spun into NovaUCD, the centre for innovation and entrepreneurship at University College Dublin.

Its team combines business experience with expertise in distributed ledger technology to design and deploy SaaS tools that can help businesses leverage the possibilities of blockchain. According to its website, Binarii aims to “make blockchain boring, dependable and fit for business”.

In a LinkedIn post, the company said it is thrilled that Zilliqa’s Amrit Kumar, an “inventor of a meaningfully impactful distributed ledger technology protocol”, is becoming its new chair.

“Through joining us as chairperson, we are privileged to count on him for further guidance, mentorship and assistance,” it added.

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.

Sarah Harford was sub-editor of Silicon Republic