Mullingar-based firm has new seed fund for cloud technology start-ups

Local IT entrepreneurs have been invited to apply for seed funding from a Mullingar-based firm that specialises in working with early stage cloud technology start-up companies.

Founded in 2014 and based in the new National Science Park on the Dublin Road, Zoosh Ventures plans to make 15 investments in what CEO Bert Farrell describes as “carefully chosen” start-ups over the next 18 months.

“The fund is geared to investing in entrepreneurial ventures at both the concept stage and at the early seed investment stage or ‘high potential start-up’,” Mr Farrell said. (Continues below photo.)

Bert Farrell, CEO Zoosh Ventures (left) and David Brophy, chairman.

“Concept or idea stage investments will range from €30,000 to €50,000, while ‘high potential start-up’ investments will range from €100,000 to €150,000 and be part of a larger round, co-investing with European partner investors.

“At every stage our aim is to achieve the most efficient use of investor capital and use our experience to support our start-ups in focusing on customer traction and business model development from the very start.”

“We offer a lot more than money through our seed funding,” said Mr Farrell.

“We give our start-ups the quality and expertise to get things successfully off the ground and then we act as partners through the different stages of development, allowing entrepreneurs to focus on proving there is a market for the product.”

Co-founded in 2014 by Bert Farrell, formerly a manager of Enterprise Ireland’s New Frontiers programme, the company focuses on funding and working closely with early stage technology start-ups, concentrating on commercialisation, product build, entrepreneurial development and future growth strategy, while constantly increasing efficiencies and the value of the venture through each step of the development process.

Zoosh’s other co-founders are Mervyn Graham (Ireland), Balazs Bakos (Hungary) and Kimmo Arrpe (Finland).

Since its foundation in 2014, Zoosh has received funding from a number of successful business executives and entrepreneurs in Ireland, Hungary and Belgium, including Zoosh’s original investor, Irish businessman David Brophy, founder of DMJB Consulting and previously with Smurfit Kappa and Ballymore Group. David is also chairman of Zoosh Ventures.

To date a number of successful cloud start-ups have come through the Zoosh stable, including the Mullingar based firm IDASO, which is a pioneer in the area of automated vehicular traffic data collection services, generally provided for local authorities and engineering firms.

The services provided by the firm, whose founder Ian Kerr is currently the vice-president of Mullingar Chamber of Commerce, include traffic counts, vehicle classification, turning movements, origin destination surveys, parking studies and pedestrian footfalls.

These services are delivered using customised artificial intelligence software developed with Zoosh.

As IDASO continues to expand internationally, it is building its own R&D team of artificial intelligence experts.