13 Jul 2021 | 01.05 pm
Xtremepush Sources Grafton Capital Funding
Ranelagh company raises $31m in debt and equity
13 Jul 2021 | 01.05 pm
Xtremepush enables clients to drive revenue and enhance customer experiences through personalised, data-driven communications across all digital channels.
The company said the funding will go towards doubling its workforce to 140 people in Ireland and overseas over the next 12 months. The new roles will span software and DevOps, sales and marketing, finance and operations.
Xtremepush, established in 2014, currently employs 70 people in Ireland, the UK, Europe and at its recently opened US headquarters in New York State.
The company said its $33 million cash raise includes equity funding from Grafton Capital and a refinanced debt facility.
Xtremepush Ltd booked a net profit of €400,000 in 2019 and had net worth of €750,000 at year-end. Investments in subsidiaries were valued in the balance sheet at €2.7m and liabilities amounted to €3.2m. Creditors included €2.3m in loan funding, and borrowings from UK lenders Capital Trust and GLAS Trust Corporation were discharged recently.
The company’s interest payment on borrowings through 2019 was €375,000. Trade debtors increased that year from €376,000 to €647,000.
Tommy Kearns, CEO and co-founder, commented: “This investment validates and recognises the calibre of our technology, our people, and the ambitious global growth plans we have for the company. It will allow us to move ahead with our expansion in overseas markets, and Xtremepush is now in hyper-growth mode. We want to scale quickly in all of these markets, both organically and through strategic acquisitions.”
He added that client sectors include banking, retail and e-commerce, travel and transport, hospitality, publishing and media, and sports betting and gaming.
Co-founder Kevin Collins added: “This significant investment by Grafton Capital gives us access to their vast knowledge and experience in the growth stage development of SaaS companies. This announcement underscores Ireland’s ability to compete internationally and to attract large global capital partners for digital enterprise services that are among the best in the world.”
Grafton Capital recently exited SportPursuit and sold Softomotive to Microsoft in 2020. Managing partner Edward Barroll Brown, who led this investment, has joined the board of directors.
Edward Barroll Brown stated: “Xtremepush has a first-rate team that have developed an excellent product and built an impressive suite of global customers, and our investment will allow the business to accelerate its growth globally.
“We believe that Xtremepush is well positioned to grow as more and more businesses need to get smarter about how they engage their customers across multiple channels, whilst managing first party data and privacy requirements in a fast-changing digital marketing environment.”
Photo (l-r): Edward Barroll Brown, Kevin Collins and Tommy Kearns.