Intel Capital leads €7m funding round for FeedHenry

Ellie Pullen
02 May 2013

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Intel Capital has led a group of GPs and one trade player in a тЌ7m funding round for cloud-based mobile applications platform provider FeedHenry.

The consortium consists of incoming private equity investor ACT Venture Capital and previous private equity backers Kernel Capital and Enterprise Ireland. US software company VMware Inc also reinvested alongside other unnamed private investors.

The funding will be used to create 100 new jobs in FeedHenry's Waterford office, as well as accelerate the company's plans for international expansion.

Intel Capital is believed to have invested via its $100m AppUp fund, which was announced in November 2011 and invests in companies that provide application content and infrastructure, context-aware computing and digital media.

Kernel, which manages the Bank of Ireland Seed and Early Stage Equity fund, invested an undisclosed seven-figure sum in the funding round. It previously provided €500,000 to FeedHenry as part of a larger, syndicated funding round in 2011.

ACT invested in FeedHenry via its AIB Start Up Accelerator Fund. The fund was launched and closed in April 2011 by Irish bank AIB, which made the majority of commitments. ACT manages the fund, which typically invests between €200,000-10m per funding round.

Company
FeedHenry was founded in Waterford, Ireland in 2008. It span out from the Telecommunications and Systems Software Group, which is part of the Waterford Institute of Technology, in 2010.

The company offers a simplified means of developing, deploying and managing HTML5 and hybrid applications through its cloud-based mobile application platform. The platform supports the deployment of apps to multiple devices including iOS, Android, Blackberry, Windows Phone and mobile web, therefore eliminating the need to build individual apps for each device.

FeedHenry currently employs 40 staff and is headquartered in Waterford, with additional offices in Surrey, UK and Burlington in Massachusetts, US.

People
Cathal McGloin is the CEO at FeedHenry. Damien Callaghan and Marcos Battisti are, respectively, investment director for Ireland and managing director for western Europe and Israel at Intel Capital.