€1.6m funding for web service firm

DUBLIN-headquartered web management company Terminal Four has received €1.6 million in funding that will be used to expand its international presence, staff numbers and sales network.

The money comes from three sources – roughly €1m from the NCB Ventures-managed Ulster Bank/Diageo Venture Fund and the remainder from the AIB Seed Capital Fund (which is managed by the Dublin Business Innovation Centre) and through grant aid from Enterprise Ireland.

The NCB-managed fund will take an unspecified double-digit percentage equity stake in Terminal Four as a result of the investment.

The company provides software enabling clients with large websites to update and manage their online content easily. It services more than 200 client-companies, Government agencies and educational institutions in the main across Ireland, Britain, mainland Europe and North America and counts the likes of Specsavers, FBD Insurance, Queen’s University, UCD and Oxford University as customers.

Terminal Four sells overseas through a network of sales partnerships.

It currently employs 35 people, but will be looking to boost this by at least 15 over the next 12 months.

The Ulster Bank/Diageo Fund made four investments last year and Terminal Four marks its second in as many months.

Prior to Christmas, the fund invested €2.5m in Dublin-based mobile telephony applications provider, Zamano in return for an approximate 15% equity stake.

A spokesperson for the €75m fund said yesterday that it is viewing the current climate as a good time to invest and has a strong pipeline of potential investments.

It specialises in investments of between €1m and €5m in Irish SMEs across various sectors.