Among those giving the UCC-founded sports website their backing are Conor Mallaghan, owner of the Irish rugby team’s base, Carton House, and serial entrepreneur, Colm Lyon.
Mr Lyon, who sold his online business Realex Payments to US firm Global Payments for €115m last year and led the Pundit Arena investment round, said he sees huge potential for the company to grow in 2016.
“The team at Pundit Arena are outstanding and they have achieved enormous traction to date. The global scalability, current adoption rates, and the highly talented team all combined to make this a very exciting investment for us. We are really looking forward to supporting the team as the business accelerates during 2016 and beyond,” he said.
Co-founders Ross O’Dwyer and Richard Barrett started working on different projects on UCC’s Ignite accelerator programme, before pooling their resources to create Pundit Arena. They said the investment will help double their current number of 10 employees and expand their network of contributors.
The company, which scooped the Ignite business of the year award in 2014, has grown from just six writers in 2013 to more than 300.
Former Facebook regional sales director and current managing director of digital marketing agency Quantcast’s international headquarters, John Lamphiere subsequently came on board as company chairman.
The number of visitors to the site has increased in line with the expansion of its writing network, with more than 1.4m monthly users.
Site traffic is driven by its UK user base which accounts for 40% of its monthly visitors, with Irish users just behind.