Start-up seeks to drive growth abroad after BoI seed fund investment boost
The Bank of Ireland seed and early stage equity fund, managed by Kernel Capital, has led a €950,000 investment in ServiceFrame, an outsourcing relationship management specialist.
The Bank of Ireland seed fund will invest €450,000 and the remainder of the funds will be provided by Enterprise Ireland and members of the executive team.
Established in 2009, Dublin-based ServiceFrame’s technology enables companies to evaluate, manage and govern their outsourcing environments. The ServiceFrame governance tool is being used by Ericsson, Royal Sun Alliance and Warner Music to manage their supplier relationships.
The company will use the funds to drive growth in the British and US markets and plans significant recruitment of sales and technical staff over the next six months to support these growth plans. It is understood that the company, which employs five people could hire up to 10 people as part of this expansion.
Chief executive and co-founder of ServiceFrame, Traoloch Collins said this investment in ServiceFrame is a “very significant milestone”.
“We intend to recruit highly skilled software engineers and sales professionals to enable us to further strengthen our core offering and build market share in key international markets,” he said.
Operations director with Kernel Capital, the manager of the fund, Orla Rimmington said ServiceFrame is an excellent example of a high-potential start-up that identified a gap in the market for an easy to use and cost effective governance tool to enable companies to manage the risks, costs and performance associated with the outsourcing function.
The Bank of Ireland seed and early stage equity fund is a €32 million fund that invests in start-up and early stage companies, with a focus on export orientated high potential start-up companies that operate in the technology, food and financial services sectors.
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