Dublin tech com­pany Swrve raises $25m

The Irish Times - Business - - NEWS - CHAR­LIE TAY­LOR

Dublin-based Swrve, a mo­bile and so­cial mar­ket­ing com­pany, has closed a $25 mil­lion (€21 mil­lion) Se­ries D fund­ing round led by Sum­mit Bridge Cap­i­tal and ex­ist­ing in­vestors.

This brings fund­ing to date for the com­pany to more than $75 mil­lion (€63 mil­lion).

Swrve, whose tech­nol­ogy plat­form en­ables brands to de­liver con­tex­tu­ally rich and rel­e­vant in-app mo­bile in­ter­ac­tions, said it in­tended to use the cap­i­tal to ex­pand its team to meet in­creas­ing de­mand from cus­tomers, ac­cel­er­ate growth, and to aid fur­ther prod­uct de­vel­op­ment.

The com­pany was es­tab­lished by Ha­vok co-founders Hugh Reynolds and Steve Collins in 2010. Its cus­tomers in­clude Vir­gin, Mi­crosoft, Warner Broth­ers, Emi­rates and Tele­fónica.

Strong growth

The new in­vest­ment comes on the back of sig­nif­i­cant growth in Swrve’s busi­ness. Monthly rev­enue has risen by over 220 per cent be­tween 2015 and 2017, with strong growth in par­tic­u­lar in the Amer­i­cas, Europe and the Mid­dle East.

Av­er­age deal size has quadru­pled over the last two years, re­flect­ing the large en­ter­prise de­ploy­ments the com­pany has won in key ver­ti­cals such as con­sumer fi­nan­cial ser­vices, mo­bile com­merce, travel and hos­pi­tal­ity, me­dia and en­ter­tain­ment, and telecom­mu­ni­ca­tions. The com­pany cur­rently has bases in Dublin, San Fran­cisco, London and Mu­nich. How­ever, it in­tends to ex­pand be­yond this.

“It is quite sim­ple. We’re grow­ing re­ally well, es­pe­cially with our sweet spot cus­tomers, which are re­ally large en­ter­prises with com­plex com­mu­ni­ca­tions needs.

‘Sales and mar­ket­ing’

“To be able to ser­vice them we need to have teams on the ground in the Mid­dle East and Asia.

“Much of the fund­ing will be used to add sales and mar­ket­ing peo­ple in these re­gions,” said Barry Nolan, Swrve’s chief mar­ket­ing of­fi­cer.

“All of our R&D is based in Dublin and will al­ways be based there, how­ever.

“We have an ex­traor­di­nary team in Ire­land sup­port­ing bil­lions and bil­lions of app in­stal­la­tions,” he added.

Swrve em­ploys about 90 peo­ple over­all with another 20 to 30 ex­pected to be added over the next 12 months.

Ap­prox­i­mately 50 em­ploy­ees are based in Dublin.

The com­pany’s plat­form sup­ports 44 mil­lion daily ac­tive users and over 225 mil­lion monthly ones.

Its soft­ware de­vel­op­ment kit has been in­stalled in more than 2.5 bil­lion apps and pro­cesses more than 12 bil­lion be­havioural user events per day.

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