Bank Of Ireland Seed Fund Leads €500k Round in Teamer
Bernard Jackman, Leinster Rugby; Orla Rimmington, Operations Manager, Kernel Capital;
Niall McEvoy, CEO, Teamer.
Photographer: Brian McEvoy.
11 March 2010: Kernel Capital, confirms
that the Bank of Ireland Seed and Early Stage
Equity Fund has led a €500k investment in the
web based Irish Sports Team Management company Teamer
(www.teamer.net). The Fund committed €350k, the remainder
of the funds were raised through private BES investment
sourced by the Company.
Teamer which launched in September 2008, has been growing
rapidly in both the Irish and UK markets, and recently
signed up its 250,000th team member. This funding will
enable the Company to accelerate its user acquisition
in international markets.
"We are delighted to have secured this financial backing
led by Kernel Capital." commented Niall McEvoy, Teamer
CEO. "At Teamer, we are looking to build a global
internet brand in the sports digital media space. Having
validated our business revenue model in the Irish market,
we are now looking to accelerate our member growth in
key overseas markets," added McEvoy. "We have
grown our member base to more than 250,000 members, and
are targeting growth of more than 1.5m members by 2011.
We have just signed up our 100,000th UK member, and are
seeing significant traction in Australia as their winter
sports season approaches."
Donal Duffy, Director, Bank of Ireland Corporate Banking
Ireland added; "Bank of Ireland is pleased to
support this ambitious company as they drive their growth
plans in international markets."
Commenting on the announcement, Orla Rimmington Operations
Manager, Kernel Capital said; "Teamer is an exciting
Irish internet start-up in the dynamic, fast moving and
rapidly growing social media space. There is a significant
opportunity to scale this business in international markets,
and there is enormous depth in the sport verticals in
which Teamer operates."
Speaking at the announcement, Leinster star Bernard Jackman
said: “I’ve been using Teamer for over
a year at club level. It’s a fantastic free service
that makes the life of the volunteer organiser so much
easier, saving a lot of time and money for both the organizers
and the club.”
# # #
For further information please contact:
Orla Rimmington, Operations Manager, Kernel Capital.
Tel: +353 21 4928974 / Fax: +353 21 4928977
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