NDRC start-ups raised €37m extra investment in 2014 and created 200 jobs

14 Jan 2015

NDRC CEO Ben Hurley

The National Digital Research Centre (NDRC) in Dublin has reported that start-ups in its portfolio raised €37m in follow-on investment during 2014. Employment in these firms stands at 500 people.

This brings to €88m the total amount of investments raised by these companies from angel investors and venture capitalists, giving them an estimated market value of €220m.

Employment in these companies jumped by 200 people in 2014.

NDRC’s methodology is to invest in early stage companies primarily using an accelerator model through its NDRC LaunchPad and NDRC VentureLab investment programmes.

Notable investments in 2014 include Adama Innovations, which raised €600,000, Adaptics (Drop), which raised €2m, NVMdurance, which raised €600,000, Pharmapod, which raised €750,000, and Video Elephant, which raised €1m.

“This is an excellent outcome for the year where we continue to see significant market value being created by start-up technology companies that are initially supported with our fusion of investment, mentoring and expertise,” NDRC chief executive Ben Hurley said.

“As a capital investor in these firms, we’re attaining the strategic objectives of our fund to deliver returns through stimulating innovative businesses established by high-calibre entrepreneurs. 

“NDRC’s unique investment offering as first investor at the riskiest stage of company formation is delivering results for our funds and the Irish economy, as well as qualified deal flow for later-stage investors.

“Looking forward to 2015, we will continue to refine our approach to ensure that we unearth, enable and invest in the very best technology start-ups, accelerating their potential to bring products to market and securing funding through our network of investors in Ireland and abroad.”

Other companies in the NDRC portfolio include NewsWhip, Boxever, FieldAware, LogEntries and Soundwave.

Platform for growth

The chairman of the Irish Venture Capital Association John Flynn said the NDRC has emerged to become a pivotal platform that the local venture capital industry builds upon.

“NDRC continues to refine its offering and tailors its expertise to the exact needs of early stage technology companies, supporting the transformation of their business concepts into a seed investable proposition. 

“This is contributing to the creation of some exceptional new companies and is creating an exponentially positive and value-adding effect across Ireland’s technology start-up ecosystem,” Flynn said.

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years