A LIMERICK company has managed to raise over €1million to fund its plans for international expansion.
Local start-up Mavarick has raised €1.3million in funding, led by ACT Venture Capital, with support from private investors.
This funding round is the first major funding boost for Mavarick after the company won €100,000 in the InterTrade seedcorn competition last year.
Mavarick was founded by Dr Paul Byrnes and Koen Jasper in 2022, and aims to help manufacturers become more sustainable and efficient.
The Limerick company builds technology for manufacturers to track their sustainability data, giving them granular data and AI insights on how to improve their carbon emissions or energy efficiency.
It is understood Mavarick will use the funding to further develop its product and grow its team from a current staff of seven up to 12 by the end of the year, with the company currently recruiting for technical roles, as well marketing roles.
Speaking about the company’s pending growth, Dr Paul Byrnes told The Irish Times that “as a whole Ireland has a really good talent pool”.
“The hardest part is trying to get people that take the technical skill sets, that click with us personality wise, but that are ready for the race when it comes to a start-up.”
Co-founder Mr Jaspar said that there are benefits to working with a start-up, rather than an established multinational.
“You get to touch areas of the business which you just wouldn’t get to touch in a multinational, so that development opportunity I believe is much greater. If you succeed there is a clear path to very senior positions within the company as we grow,” Mr Jaspar said.
Dr Byrnes said that while increased regulation into the area of sustainability is coming to the fore, an even bigger motivator is coming into play – profitability.
“The reality is for manufacturers when you’re at the coalface it has to make financial sense for them to really get mass adoption,” Dr Byrnes concluded.
