Netwatch raises €19.5m to fund expansion
Security specialist Netwatch has raised €19.5m to fund its expansion plans in the US and the UK.
It is the largest funding round that the company has received to date.
The money is a combination of debt and equity; comprising €9m from the BDO Development Capital Fund – which includes backing from Enterprise Ireland – and €10.5m debt financing from Bank of Ireland.
The company said the funds will be used to support Netwatch’s international growth strategy, while new customer acquisition in the US and the UK markets is a key aspect of the investment.
The company uses video analysis and develops software to augment security cameras deployed to watch its clients’ premises, detecting and deterring intruders.
Netwatch chief executive David Walsh said he was confident the business could double in size in three years.
“In the middle of the recession, we focused on research and development and expanding the business internationally. This funding announcement is validation of that decision and also lays the ground work for the next three years. The Netwatch value proposition is well received in the USA and this investment will enable us to capitalise on the great opportunity that the US presents,” he said.
