Irish investor Kernel Capital has closed a new investment and added a digital student accommodation business its portfolio.
Dublin-based TCAS Online has netted itself €650,000 (£545,000) of development capital following venture capital backing.
The business provides a software platform to manage student accommodation management and has 45,000 student beds under management.
Having already achieved traction in the Asian market, TCAS will be using the funds it has secured to grow further in international markets and build out the product.
Joining Kernel Capital, which is contributing €250,000, in the funding round are Enterprise Ireland and other private investors.
Barry Murphy, CEO of TCAS Online, comments, ‘[The funding] underpins the confidence we have in our product and our dynamic and energetic team.
‘Our objective now is to use this investment in the smartest way possible to achieve our goal to be a world class provider of student accommodation management systems and to ensure we live up to the expectations of our investors.’
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According to figures cited by TCAS, the student accommodation market is estimated to be worth $200 billion, with the UK segment accounting for £19.5 million. However, the business forecasts increased competition amongst accommodation providers to fill spaces – with its offering providing higher occupancy rates.
Since first setting up as TCAS at a university in Dublin in 1999, the company then became TCAS Online and now has customers including Fresh Student Living and CRM Students.
Kernel Capital partner Orla Rimmington says that the value of the student accommodation market is dependent on how well it is operated.
‘TCAS Online streamlines daily operations for its customers enabling economic occupancy, which is key to financial performance,’ she adds.