DunPort Funds Big Red Cloud With €2.5m

22 Apr 2019 | 09.46 am

DunPort Funds Big Red Cloud With €2.5m

Marc O'Dwyer aims to add 25,000 customers

22 Apr 2019 | 09.46 am

Big Red Cloud has raised a €2.5 million ‘capital solution’ from DunPort Capital Management, with a commitment from DunPort for a further €1.5m if required.

Big Red Cloud says it has c. 75,000 customers in Ireland and the UK for its online accountancy and payroll software.

CEO Marc O’Dwyer (pictured) commented: “Most of the funds have been earmarked for the expansion of the business, both in terms of headcount and other markets. We plan to add another seven people to our team in the next 12 months and to further increase the workforce in the following 12 months.

“We have targeted rapid growth to achieve 100,000 customers and also exploring opportunities overseas namely in Malta and possibly the UK, once Brexit has come to a conclusion.”

Dwyer added: “We are committed to keeping pace with industry developments, and as such have plans to align further with banks as there is a growing convergence between banking and accounting. This is helping to make the day to day bookkeeping process easier for business owners by synchronising transactions, giving better access to credit and helping with cashflow.”

Ross Morrow of DunPort Capital commented: “Big Red Cloud is exactly the type of high-growth business we aim to help. Under the guidance of Marc, Big Red Cloud is a company that is market aware and focused.

“Our goal since inception has been to support established Irish businesses that require flexible capital to fund the scaling of their activities through investment and development expenditure or acquisitions.”

DunPort Capital Management was established in 2017 by Ross Morrow and his former BlueBay Asset Management Ireland colleague Pat Walsh. They has previously worked in Angl0 Irish Bank.

In April 2018 DunPort announced the close of a €283m funding round, in the form of commitments from domestic institutional investors.

DunPort aims to provide funding to SMEs generating annual revenue in excess of €5m that require debt to fund scaling of their activities through investment and development expenditure, acquisitions, recapitalisations or to resolve legacy financing issues.

 

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