Thursday, May 24, 2007

€3.8m in funding for Irish based MapFlow from SOS

Glad to see some funding happening these days as current Irish VC funding seems 2 have gone down the tubes (more on that later)

From Business Plus Online
Mapping and location software firm Mapflow has secured €3.8m in funding in a round lead by Sean O'Sullivan's (outa of Texas) SOSventures

Spatial Ireland (Mathew Sammon) has more info-
Irish company Mapflow has raised US$5.1m in research and development funding from the Irish subsidiary of venture capitalist firm SOSventures, with a further US$6.6m forthcoming subject to targets being achieved.

The aim of the investment is to make the company a world leader in its sector; Mapflow provides mapping and location intelligence software primarily to the transportation, telecommunications and insurance industries.
SOSventures’ founder Sean O’Sullivan, an Irish-American who founded prominent GIS software firm MapInfo, will become chairman of Mapflow’s board.

ENN has has more info including ...,...
...which has effectively bought out Mapflow's previous backer Trinity Venture Capital..

The firm's major win last year was a EUR15 million deal with BT, to allow its location-based technology to be sold to mobile operators and internet service providers around the world.

O'Sullivan, who has relocated to Ireland from the US and joined Mapflow's board as executive chairman, said Mapflow's management team, customer relationships and innovation track record attracted him. "As I looked at Mapflow, I saw all three of these enablers in place. It is truly a gem of the Irish software industry, and the challenge is now to make it a global leader: number one or two in its markets worldwide.

from Mapflow site
SOSventures Investment Ltd is the Irish subsidiary of SOSventures SA, an investment company managed by Sean O'Sullivan which manages over $100 million in investments, primarily in the high tech industry. The rate of return has averaged 27%, compounded annually since its founding in 1994. SOSventures also manages the investments for the O'Sullivan Foundation, a charitable organisation that gives between $1-$2 million annually to various humanitarian and developmental activities, primarily in the third world.

So looks like another player in town --- good (more on funding aveneues, angel networks, VC's in Ireland later)


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