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Eventovate Seeded with €700k

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DateFriday, June 03, 2011

Eventovate Seeded with €700k

Former DIT Hothouse Cloud Start-up Secures Investment From Bank of Ireland Start-up Fund, EI and AIB Seed Capital Fund



EVENTOVATE_Jonathan_and_Jason_Ruane.jpgIn one of the most significant seed-funding rounds in the emerging Irish cloud services market this year, start-up Eventovate, founded by Sligo brothers Jonathan and Jason Ruane, has just completed a funding round of €700,000 from Bank of Ireland Start-up and Emerging Sectors Equity Fund, High Potential Start-up Funding from Enterprise Ireland and the AIB Seed Capital Fund.



The company, which has developed a suite of cloud-based software for the hotel sector, will use the funds to drive further business growth in a European market estimated to be worth over €260 million per annum, and already counts leading hotels such as the K-Club, Carlton Group and The Malton in Killarney among its clients.



Eventovate's software platform has two core functions. The first is to provide CRM, direct marketing, business intelligence and process automation to the hotel - all entirely focused on their events business. This includes enquiry tracking, customer conversion tools, task automation, performance analysis, automated surveys and management reporting, and the company claims a hotel can radically improve the way in which it manages its wedding business, converting more customers, reducing delivery costs and understanding more about how well it is performing and why.

The second function (marketed as Moposa) automates and supports key elements of the event management process for event customers. For example, a bride and groom can arrange their reception seating plans, manage their RSVPs, track their budget, print guest driving directions, develop a wedding website or collate the photos and videos taken by all their guests.



Established in 2009, Eventovate began life on the DIT Hothouse programme and has quickly establishing a very positive reputation amongst a new generation of innovative, high-growth Irish tech companies. The company has already received a number of industry accolades, including being selected as a regional winner in The Bank of Ireland Bright Ideas Challenge in 2010, a finalist in the 2011 InterTradeIreland Seedcorn competition under the Emerging Business category, and listed in the prestigious TechCrunch Euro Top 100 in 2010.



As part of this latest funding round, both Shay Garvey, Director at Delta Partners, the investment house that manages Bank of Ireland Start-up and Emerging Sectors Equity Fund, and Alex Hobbs of Dublin Business Innovation Centre which manages the AIB Seed Capital Fund, will now join the board of Eventovate, lending their expertise and experience to support the business in its further development.



Commenting on the announcement, Shay Garvey, Director of Delta Partners said: "We are pleased to invest in a company like Eventovate. They have already proven themselves as a pioneer in cloud computing within their industry and are now well positioned for the substantial growth this technology is certain to experience. Eventovate is an indigenous Irish company operating in the new smart economy. It has the potential to create dozens of highly skilled jobs and to develop a substantial international business from its Irish base."



Jonathan Ruane, managing director and co-founder of Eventovate said: "This investment is a very significant milestone for Eventovate and is a real vote of confidence in the business. Our long term goal is to become the leading hotel event software company in Europe.


We have ambitious plans to drive the business and today's funding announcement will accelerate our ability to deliver innovation and value to our customers, as well as grow our market presence internationally. We have already started the process of recruiting highly skilled software engineers and sales professionals to support our growth plans."




Greg Treston, Enterprise Ireland's Head of High Potential Start Ups added: "Eventovate is a highly innovative young Irish company emerging as a class leader in the provision of software for hotels. This investment round will support the company to grow, in particular in international markets. Enterprise Ireland looks forward to continuing to work closely with the company to ensure their international success."








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