DunPort | Big Red Cloud
Irish accountancy software company Big Red Cloud raises €2.5 million in debt capital
DunPort Capital commit €4 million for the growth & expansion of payroll fintech
Irish accountancy software company, Big Red Cloud, has successfully raised a €2.5 million capital solution from the alternative SME lender DunPort Capital. The agreement, which was put in place by the Allied Irish Bank Corporate Finance team, also allows for a further €1.5 million to be extended should the fin tech company wish to access it.
Big Reg Cloud, which currently has in excess of 75,000 customers in Ireland and the UK, say that the majority of the capital injection will be used for growth, expansion of the local team and entry into other markets.
Commenting on the announcement, Big Red Cloud CEO Marc O’Dwyer,
“DunPort Capital are a perfect fit for our business – they have an excellent track record in the Irish market of supporting established SMEs to achieve further growth. Most of the funds have been earmarked for the expansion of the business, both in terms of headcount and other markets. We plan to add another 7 people to our team in the next 12 months – and to further increase the workforce in the following 12 months. We have targeted rapid growth to achieve 100,000 customers and also exploring opportunities overseas namely in Malta and possibly the UK, once Brexit has come to a conclusion. We will also consider acquisitions should the right opportunity come up.
Ross Morrow of DunPort Capital
“Providing our capital solution to Big Red Cloud was an obvious choice for us – it is exactly the type of high-growth business we aim to help. Under the guidance of Marc, Big Red Cloud is a company that is market aware and focused – both of which make it a logical partner for us. Our goal since inception has been to support established Irish businesses that require flexible capital to fund the scaling of their activities through investment and development expenditure or acquisitions”.