Irish technology company Betapond has raised €2 million in venture capital funding to accelerate the development of its social commerce offering to retailers.
The Waterford-based company, which develops social media solutions primarily for Facebook, will use the investment to launch solutions for retailers that will make it quick and easy for them to personalise the consumer shopping experience by leveraging the vast pool of social data that is represented by Facebook's 1.1 billion users and what they're interested in.
Founded in 2009, the company's social media solutions are used in the retail, entertainment and tourism sectors for companies such as Paddy Power, Unilever, Intel, Marks & Spencer, Tourism Ireland and Visit Britain.
"This funding enables the company to accelerate its development and go-to-market plan to be a global leader in social commerce solutions," Declan Kennedy, chief executive and co-Founder of Betapond said. With the market for social commerce expected to reach $30 billion in revenue by 2015, and 81 per cent of consumers getting advice from family and friends about purchase decisions, Betapond is in a unique position to take our experience helping brands use Facebook more effectively and apply it in this explosive growth area, he added.
Funding round
The funding round was led by Ulster Bank Diageo Venture Fund, managed by Investec Ventures. Delta Partners and Irrus Investments also participated in the round. Investec Ventures partner Leo Hamill will represent the Ulster Bank Diageo Venture Fund on the board of Betapond.
The company is one of Facebook’s preferred developer consultants globally, meaning Facebook believes it has “demonstrated the ability to understand the social mechanics and technical possibilities of Facebook apps”.
In 2011, the company raised €1.15 million in venture capital funding from the Bank of Ireland Start-up and Emerging Sectors Equity Fund.
The news follows a report from the Irish Venture Capital Association, which shows Irish technology firms raised €52.1 million funding from investors in the first three months of this year. This compares with funds of €52.2 million raised in the same period in 2012.
