FeedHenry receives funding from Kernel Capital

Ireland-based Kernel Capital has backed cloud platform developer FeedHenry with a €500,000 (£440,660) investment.

Kernel manages The Bank of Ireland Seed Fund, which led the syndicated investment in the company.

FeedHenry was founded in 2008, when it emerged from the Telecommunications Software & System Group in the Waterford Institute of Technology.

Its cloud platform enables the development of mobile apps for business and enterprise markets.

Niall Olden, managing partner at Kernel Capital, says, ‘With smartphone and tablet devices now outnumbering PC sales, we recognise the opportunity that FeedHenry is capitalising upon in the growing market for mobile business applications.’

FeedHenry chief executive Cathal McGloin says its ‘high calibre investor base’ will enable the business to increase its workforce.

The Enterprise Ireland-backed company has created 22 jobs in the past year and expects to create another 15 this year, according to a statement.

FeedHenry recently closed deals in Ireland, the UK and the US worth over $1 million (£610,175).

Head of high potential start-ups at Enterprise Ireland, Greg Treston, explains, ‘Our HPSU programme supporting new companies with an export focus is a key priority for Enterprise Ireland and is fundamental to building the next generation of world class Irish companies.’

Venture capital fund Kernel Capital has a portfolio of companies across technology, life science and general industry. Kernel and its associate life science investment firm Seroba Kernel have €196 million under management across multiple funds.

Todd Cardy

Todd Cardy

Todd was Editor of GrowthBusiness.co.uk between 2010 and 2011 as well as being responsible for publishing our digital and printed magazines focusing on private equity and venture capital.

Related Topics

Seed funding