Kernel invests €1.25m in DisplayNote

The fresh funding will be used by DisplayNote to bolster its work force. The company also plans on launching its new products at the Dublin Web Summit in November and will use the investment to help roll out a new product range.

Kernel invested via the Bank of Ireland Kernel Capital Growth Fund (NI) vehicle, which closed on £25m last October. The fund was established under the Access to Finance portfolio of Invest Northern Ireland (Invest NI), a regional business development agency.

It has only two investors: Invest NI and the Bank of Ireland, which acts as a cornerstone investor for all of Kernel's funds. Invest NI committed £15m to the fund with Bank of Ireland supplying the balance.

Company
Founded in 2012, DisplayNote is headquartered in Belfast with additional offices in Spain and the US. The company has developed software that hosts interactive presentations and whiteboards online.

The software allows customers to share presentations across desktop and mobile devices. The presentations can be contributed to by anyone with access to view it, with the idea of creating collaborative, interactive presentations.

The company employs 24 staff.

People
Paul Brown is the CEO of DisplayNote. Daniel McCaughan is a partner at Kernel.

Advisers
Equity - PwC, Alan Gourley (Corporate finance); Tughans, Vicky Dummigan, Ciara Lagan (Legal).

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