Ireland-based pricing intelligence service Profitero secured €750,000 ($1m) in early stage funding on Thursday from investors including the Bank of Ireland’s Start-up and Emerging Sectors Equity Fund which is managed by venture capital (VC) firm Delta Partners.
Also participating were the Irish government agency Enterprise Ireland, startup VC fund Seedcamp and angel investor Simon Murdoch.
The funding came the day before Profitero was appointed winner of the London leg of computing conglomerate IBM’s global seed accelerator competition SmartCamp.
Profitero operates an online service which enables business customers to monitor their competitor’s prices, stock availability and shipping charges, while simplifying and accelerating the procedure in the process.
Donal Duffy, head of Enterprise Ireland relations at the Bank of Ireland, said: "We are delighted to add Profitero to the list of dynamic companies supported by the Bank of Ireland Start-up and Emerging Sectors Equity Fund. They are a true example of how an investment of this type can support an Irish company to strategically grow which is critical for the company and also as part of Ireland’s economic recovery."
Profitero currently monitors 2,500 retail websites and 27.5 million products, and is looking to expand the figure to 100 million by the end of the year.