Elkstone Venture – Monthly Update February 2018
2018 is off to a fast and very encouraging start.
This month sees the launch of our 9th Club Deal, Flipdish. Smaller restaurants and local convenience stores critically need their own technology & marketing solutions to win back & retain their own customers, analyse data and self-help themselves to improve tight margins. Flipdish is the answer. Metrics are very strong with 16% MOM revenue growth, super traction with no customer churn, great customers, etc. This is a space right across Europe which offers enormous opportunity. We are delighted to be able to lead and support this international opportunity along with Growing Capital and Enterprise Ireland.
Some Club Deal Updates
Data Science company has successfully closed their Pre-Series A round which Elkstone led. The final amount raised exceeded €1m including another €0.3m from Enterprise Ireland which is follow on funding from previous HPSU round. Notable co-investors include Patrick McCann of H&K international. 2017 finished ahead of revenue targets. 2018 has already seen leading global customers such as Braintree returning to purchase a high volume of sales leads. Braintree opened a $200k PO for both Lead Generation and their deep web analytical service e.g. SalesOptimize’ analytic tools rank and qualify Braintree’s sales pipelines, all of which is very encouraging.
Volders is going from strength to strength, with January alone delivering over 45k new sign-ups. Insurance operations are now up & running too. Two family offices actively reached out to Volders to run a Series A round before Volders initiated the process. The negotiations are well advanced and a potential round might be closed in March.
Mysteryvibe closed out the year, raising £1.1m in total, ahead of their £900k target. This coming year they are pushing for a 10 x sales growth with a big focus on the US market, which they hope to position themselves as the go-to-thought leaders. Sales of their own induction charger will also help fund growth in the year ahead. We continue to expect big things from the company this year, with a possible Series A coming later in the year too.
Some highlights from our wider portfolio
Solvotrin is in the process of a €10m funding round. With the Boots exclusivity deal now expired, the roll out to over 7,000 pharmacies throughout Ireland and the UK is well underway. There is also very encouraging news that Active Iron will qualify as a Food for Special Medical Purposes which will open up the very valuable reimbursement markets too in a number of key markets such as Germany and France. US FDA registration is also on the horizon.
MAU’s are accelerating fast, now at 3.7m and growing with Skype, Viper and KIK all delivering. The company is focussed on a $5m Series A, which Cherubic Ventures are leading. It recently won a Sliver Lion at Cannes which was a great endorsement, and the company has a strong line up of leading VC players interested in participating in next round.
Coindrum have launched their unique coin for higher value duty free voucher exchange service at Dublin airport. Be sure to look out for it on your next trip, super easy to use. The business is successfully now operating in nine international airports including with market leader Dufry in Milan, which positions it well for further international rollout plans. Confidentially we hear that some more very impressive sign-up announcements can be expected imminently and 2018 looks very much like a lift-off year.
Kontainers were featured in leading global shipping media during the last month on their bespoke customer execution platforms which helps medium and large shipping brands with a way to compete with digital players like Flexport. Now cash flow positive and working very closely with some of the top 20 leading shipping brands, Kontainers has strong confidence in their expectations for future growth. No pressure!
Soapbox Labs were featured in Tech Crunch. They are in the sweet spot of voice recognition and uniquely placed globally in advancing the underserved kids market. Need we say more! See link here.