Lough Shore Investments has closed its second deal of 2013 by investing in Dublin start-up Converser.
CRM and cloud communications platform Converser has closed a $1.2 million (£792,000) seed funding round involving Lough Shore Investments, Enterprise Equity and Enterprise Ireland as backers.
The company’s platform can be embedded into mobile apps, allowing communications with customers to be made easier. Its technology is currently being used by international banks and insurance companies as well as utility providers.
Barry Nolan, CEO and co-founder of Converser, says that it its ‘fantastic’ to have Lough Shore Investments and the firm’s founder Danny Moore amongst its backers.
He adds, ‘Lough Shore is the best type of investor partner as the team have already built from scratch super successful start-ups.
‘They have a tremendous record both in their own right, and in the start-ups they have invested in.’
Lough Shore Investments first backed Converser at the end of 2011 as part of an undisclosed round, having been exposed to the company at the Dublin Web Summit 2011.
Moore set up Lough Shore Investments after a career spent as COO of the NYSE Euronext trading technology segment NYSE Technologies as well as COO and CEO of Belfast-based trading technology firm Wombat Financial Software.
More on Lough Shore Investments:
- DeskStream acquires Lough Shore portfolio company
- Dragons’ Den failure packages new funding deal
- Former Google head helps sew the seed for Irish e-commerce business
Converser joins the likes of luggage service SendmyBag and Yours Florally, the firm’s first 2013 transaction, as a Lough Shore Investments portfolio company, and is the first time that the firm has backed a Dublin-based start-up.
Moore comments, ‘In terms of an investment, there’s an incredible momentum to the mobile space and we see Converser uniquely positioned to capitalise.
‘Their offering is timely and disruptive, with an ability to circumvent what is a traditional and outdated means of customer engagement, marketing and CRM.’
Fellow new backer Enterprise Ireland is the government organisation responsible for the development and growth of Irish enterprises in the world markets.