Donegal IT company to create 24 new jobs – Donegal Daily

Donegal-based 3D Issue has raised €750,000 in funding to expand its business and create new jobs.

The funding round was split between Furthr VC, formerly DBIC Ventures, and the Western Development Commission, each of which invested €375,000 in the digital publication maker.

Letterkenny-based 3D Issue said it would use the funds to expand its team, adding 24 jobs by the end of next year to bring the company’s total number of employees to 40.

It will also support the development of new products and increase its presence in key markets.

The new roles will be in design, software development and sales and marketing, and although the company aims to recruit from the Donegal area, it is transitioning to a virtual office, which will allow it to recruit from across the country or even further away. to field.

The United States is one of the company’s strategic markets.

The Donegal technology company has created content tools for the development of digital publications.

Its most recent product is Experios, a multi-tiered content creation platform, which it launched last year and allows you to create white-label templates for high-end responsive publications such as magazines, brochures, reports, and manuals.

This is the first significant external financing received by the company, which was established by Paul McNulty in 2007; Until now, it has been driven primarily by the resources accumulated through the success of its first product.

“It took off right away, so we were able to build a pretty good online presence. The product found a market… and I was able to grow the company organically,” McNulty told the Irish Times.

“With the new product, we felt like we got the right traction that we needed to go up.”

3D Issue’s client base includes brands such as Mercedes, Sony, Nasa, Mensa, McGraw Hill, Haymarket and Procter & Gamble.

The company expects to increase its revenue from €1 million to €6 million in the next three years. McNulty hasn’t ruled out returning to fundraising in the future.

“Going forward, it’s a different product that requires more onboarding from us than traditionally, so our goal is to come forward to do another raise. But it will be maybe a year or two later.”

Furthr managing partner Richard Watson said the company fit the fund’s profile for investment objectives, with a technology platform that was seeing growth in global markets.

A key part of the attraction with 3D Issue was the team behind it, and the fund could invest more as the company grows.

“We can invest up to 3.2 million euros in any company, but that is in several rounds,” he said. “With 3D Issue, as with our other investments, we look forward to continuing as the company grows.”

Furthr has already made 15 investments from his current fund, averaging one per month. He hopes to do another 10-15 in the next 18 months.

Donegal IT company to create 24 new jobs was last modified: August 19, 2022 by staff writer

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