Pointy Raises $12m From VC Investors

12 Jul 2018 | 04.14 pm

Pointy Raises $12m From VC Investors

Microsoft co-founder Paul Allen among Irish firm’s backers

12 Jul 2018 | 04.14 pm

Irish tech firm Pointy has closed a $12m (€10m) fundraiser. Principal investors in the Series B funding round are Polaris Partners and Vulcan Capital.

Founded in 2014 by Mark Cummins and Charles Bibby, Pointy uses a small device connected to a store’s barcode scanner to log products and populate the shop’s website. Online browsers shopping for similar products can then see on their search results if the nearby shop has the product in store.

Pointy’s founders have pitched the business as a means of bringing custom back into bricks-and-mortar outlets by reaching online shoppers.

The company has Irish retailers from around the country using its device and has been finding traction in the US market too.

Polaris Partners is a US-based investment firm whose portfolio includes Irish companies Boxever and Profitero. Noel Ruane, a former IDA Ireland senior executive and founder of the NDRC’s LaunchPad programme, manages Polaris’s European investments.

Polaris invested $6.3m in Pointy’s latest fundraiser, while Ruane also invested $20,000.

Vulcan Capital is a US-based investment vehicle for Microsoft co-founder Paul Allen. His firm put $4.5m into Pointy via the new funding round.

Allen has invested in Pointy before – other big-name backers for the firm include WordPress founder Matt Muillenweg, Bebo co-founder Michael Birch and Google Maps creator Lars Rasmussen. Rugby star Jamie Heaslip has also invested.

Pointy raised $6m in Series A funding last year in a round led by Frontline Ventures.

According to Pointy’s most recent account filings, the firm booked a loss of €726,000 in 2016, bringing losses for operating firm Pomo Search Ltd to €1.4m.

Earlier this year, Pointy’s founders announced plans to hire 25 staff before the end of 2018, doubling its overall headcount.

 

Photo: Pointy founders Mark Cummins (left) and Charles Bibby

Comments are closed.