Equine technology company Equine MediRecord has secured an eight-figure investment from a US private equity firm to fund its growth and drive adoption of its compliance platform.
The company did not disclose the exact value of the investment from Chicago-based Merit Holdings, but it is believed to be in the region of €10 million. The money comes through the company’s Inova Group Holdings platform, which also acquired equine veterinary software group Business Infusions. Equine MediRecord will join the Business Infusions group.
The money will be used to boost the platform’s take-up in Europe, north America and the Middle East. It is also planning to add to its growth and operations team.
Equine MediRecord has developed a compliance platform to replace the traditional pen and paper method of keeping medical records for each horse in a trainer’s care, a requirement in the Irish thoroughbred horse-racing industry.
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Headquartered in The Curragh, Co Kildare, the company was founded by Pierce Dargan, Simon Hillary and Finlay Dargan in 2016. It won Trinity College Dublin’s start-up accelerator programme, LaunchBox, in 2017, and was a finalist in the 2018 Irish Times Innovation Awards.
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“It’s great to be supported by Inova Group and Business Infusions and that they believe in our goal to promote equine welfare and anti-doping best practices by driving adoption of our Equine MediRecord platform,” said chief executive Pierce Dargan. “This funding will help us bring our platform to more horse farms and equine events ensuring equine welfare best practices are being adopted in Europe, north America, the Middle East and beyond.”
The company has already won several clients, including the Breeders Cup World Championships, the Saudi Cup and the American Classic Preakness Stakes.
“Equine MediRecord is a compelling network-based platform that is helping to transform and digitise the equine industry with a clear and quantifiable value proposition for trainers, events, associations, vets and the broader equine community, underpinned by a scalable cloud-based software platform and distinguished by a strong leadership team,” said chief executive of Merit Holdings John Burke. “We look forward to partnering with and supporting Pierce and Finlay Dargan and the broader EMR team to capitalise on the company’s significant growth opportunities to build the premier platform promoting equine welfare and anti-doping for decades to come.”
