Waterford, 10th March, 2023 – Furthr VC today announces that it has led a €1.5M investment round in Klearcom, with Enterprise Ireland and HBAN’s Bloom Equity syndicate also contributing to the round. The investment brings Furthr VC’s total investment in Klearcom to €1.1M in the last 18 months as the company rapidly expands its global customer base.
Using Artificial Intelligence (AI) and machine learning, Klearcom tests Interactive Voice Response (IVR) systems, used by businesses to manage incoming calls. Operating across four continents, the company’s global client base spans all industries and includes large multinational pharma, enterprise software, credit card and emergency services companies.
As enterprises with constrained budgets look for a solution to manage and filter large volumes of calls effectively or risk of losing customers, the company is experiencing rapid growth. To support growth in the Asian market, last year, Klearcom established a fully incorporated subsidiary company in India – in addition to its existing presence in Ireland and the US. The subsidiary will be of significant strategic importance as Klearcom expands its presence in the Asian market.
The new investment will be used to advance product development from Klearcom’s Waterford base, with a greater use and wider application of Artificial Intelligence (AI) being a major focus for the company. As a result, Klearcom expects to be the driving force behind a new generation of IVR testing, which will be more intelligent, predicting problems before they occur. This will place Klearcom as a clear market leader in the space.
Klearcom is currently on-track to grow to a team of 50 by year-end 2024, while revenues are expected to more than double this year. The investment will support the team growth and the company plans to add to its technical, marketing and sales teams. Its technical team will be based in Waterford, while marketing and sales hires will be split between Waterford and the US.
The funding from Furthr VC comes from its latest fund, which aims to invest in approximately 25 highly scalable export-focused software and MedTech companies by year-end 2024. To-date, the fund has invested in 16 companies. Following this latest round of investment, Klearcom expects to embark on a larger fundraising round within the next 18 months.
Liam Dunne, co-founder and CEO, Klearcom, said: “The IVR market is growing rapidly as enterprises continue to grow their customer care and sales teams. At the same time, they are having to deal with constrained budgets coupled with high competition for customers, putting greater pressure on them to ensure call centres are operational and reachable 100% of the time. This has increased the demand for Klearcom’s services and we expect continued significant growth in our customer numbers and revenues for the foreseeable future.
“We are delighted to once again receive funding from Furthr VC, as well Enterprise Ireland and Bloom Equity who were also involved in our previous round. Our partnership with Furthr VC has been pivotal to getting us to where we are now, as they have provided strategic support, valuable industry introductions, as well as introductions to senior new team members who will help to steer Klearcom’s future. The market opportunity for us is getting broader and wider and this investment will help us to develop more cutting-edge technologies and solutions, which are market-firsts and will set us apart from the competition.”
Colm O’Sullivan, Partner, Furthr VC, and Klearcom board member, said: “When we established Furthr VC’s latest fund, it was companies like Klearcom that we had in mind. The founders have tapped into a space with enormous market potential on a global scale and already, we are witnessing the impact of that on the company’s growth trajectory. We are highly impressed by the progress since our initial investment and are excited to continue our partnership with Klearcom as they embark on this latest part of their journey, which will be defined by the company’s exemplary leadership and their ability to deliver market-first technology.”
About Furthr VC
Furthr VC, the venture arm of Furthr, launched its latest early-stage venture fund in late 2019 with the backing of leading Irish technology entrepreneurs and business leaders, as well as Enterprise Ireland. The fund is highly active, investing in Seed to Series A-stage B2B software and MedTech companies in Ireland, with initial investments of up to €650K. Furthr VC invests in and partners with highly ambitious start-up teams developing globally scalable products and services, and which are positioned to become the next generation of Ireland’s leading technology companies. In addition to providing institutional capital at an early stage, Furthr VC is a long-term partner to its portfolio companies and can invest up to €3M in a company through subsequent follow-on investment rounds.
Since 1988, Furthr has provided ambitious founders with everything they need to start and scale their businesses. Furthr offers the most comprehensive range of practical support to entrepreneurs in Ireland. Through game-changing consultancy, programmes, and events, Furthr helps innovators to stand before their network of potential investors with confidence. Furthr empowers entrepreneurs to start and scale new businesses by providing access to the funding, programmes and connections required to advance their ambitions. Over 80% of Furthr-assisted companies have secured third-party finance, and more than 500 companies have raised funding through Furthr-managed programmes. www.furthr.ie
About Enterprise Ireland
Enterprise Ireland is the Irish government organisation responsible for the development and growth of Irish enterprises in world markets. The organisation works in partnership with Irish enterprises to help them start, grow, innovate and win export sales in global markets. In this way, Enterprise Ireland supports sustainable economic growth and regional development, and help create and sustain employment in Ireland. www.enterprise-ireland.com
HBAN is a joint initiative of Enterprise Ireland and InterTradeIreland, dedicated to the all-island promotion of business angel investment. The HBAN umbrella group supports the early-stage entrepreneurial community across the island of Ireland and actively works to increase the number of angel investors investing in early-stage companies. The all-island umbrella group works on a regional basis to support the formation of new angel networks and works with existing angel networks to develop their capability and capacity, and across a range of industry sectors. HBAN also acts as a voice to Government, stakeholders, business and the media to promote the interests and needs of the wider angel investment community. HBAN is managed by Furthr in partnership with the regional Irish BICs in Cork, Galway & Waterford and with Clarendon Fund Managers in Northern Ireland. Further information is available at www.hban.org