DFJ Esprit builds on solid exit activity by closing investment in Datahug

Venture capital firm DFJ Esprit has led a funding round into Irish technology business Datahug to help with its US expansion.

Business networking company Datahug has added $3.2 million (£2 million) of fresh investment following what it calls ‘double digit’ client wins.

The two year-old business which is based in Dublin, allows users to access information on which individuals know each other across a company’s network of connections.

Its first funding round came back in October 2011 by way of a seed investment which netted the business $1.5 million. That deal was led by Oyster Technology Investments and Ron Conway.

Datahug will now, it says, expand its operations in the US and attempt to build its customer base across a number of different sectors.

Its current client list includes firms such as Grant Thornton, BDO and Plantronics, with new backer DFJ Esprit also a user of its services.

London-based DFJ Esprit has now closed its fourth Irish investment this year following deals with Imagine Communications, Mobile Travel Technologies and GetBulb.

Connor Murphy, co-founder and CEO of Datahug, comments, ‘Every employee in any company potentially knows someone that company wants to sell to – the challenge is having an automated, enterprise-wide way of finding out who knows who.’

Murphy adds that DFJ Esprit is the ‘perfect’ investor to support the company’s development due to its close relationship with Silicon Valley.

VC firm DFJ Esprit says that it views enterprise as a ‘major trend’ with global potential.

‘We look forward to supporting Datahug’s international journey as we continue to back the next generation of disruptive startups in the global software markets,’ Brian Caulfield, partner at DFJ Esprit says.

The transaction comes on the back of DFJ Esprit announcing that it has contributed $2.1 billion to the $6.5 billion of Europe-based venture-backed acquisition sales since the beginning of 2010.

Notable exits have included its high-profile sale of movie rental business LOVEFiLM to Amazon and disposal of Wi-Fi operator The Cloud.

Hunter Ruthven

Hunter Ruthven

Hunter was the Editor for GrowthBusiness.co.uk from 2012 to 2014, before moving on to Caspian Media Ltd to be Editor of Real Business.

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