€1m investment spurs tech company to create 15 jobs

A TECH company that formed in Waterford Institute of Technology (WIT) has secured investment of over €1 million and plans to create 15 jobs this year as a result.

Cork-based Kernel Capital, which manages the Bank of Ireland Seed Fund, committed €500,000 to the investment in Waterford-based FeedHenry.

FeedHenry has created 22 jobs in Ireland over the past year and is rapidly growing its international business.

The firm announced recent deals closed in Ireland, Britain and the US in excess of $1m (€700,000).

Full details of this investment round, which involved a number of investors, have not been disclosed.

Founded in 2008, FeedHenry emerged from WIT’s Telecommunications Software and Systems Group.

FeedHenry uses a cloud computing model and its software enables apps to be developed once and then used across all mobile platforms such as iPhone, Android and BlackBerry.

Chief executive Cathal McGloin said: “We are [now] uniquely positioned to be a leader in the mobile enterprise app market and are pleased to have over 500 customers and partners already using the FeedHenry platform.”

Managing partner with Kernel Capital Niall Olden said they recognised the opportunity FeedHenry is seizing on.

“The unique strength of their cloud, telecommunications, web and cross-platform technologies coupled with their clearly focused and executed business model provided compelling reasons to invest,” he said.