Bypost hopes to place €1.9m stamp on Dublin

ByPost.com, a mobile commerce application developer, plans to relocate from London to Dublin when it closes a new £1.5 million (€1.9 million) funding round.

Luke Heron, chief executive of the company, said it had already secured £700,000 of this funding round from existing and new shareholders.

Investors include Niels Ladefoged, a professional poker player and whisky distillery owner, Chris Moore, former chief executive of Dominos Pizza in the UK and Ireland, and Greg Gormley, an ex-finance director at a division of News Corp.

Up until now Mr Heron said he had boot-strapped the company using his own money, a small number of outside investors and company revenue.

Mr Heron said he founded ByPost.com in 2010 and its first application allowed people take a photograph with their phone and have it delivered as a postcard to their friends or family.

He said ByPost.com had revenues of £245,000 after its first 12 months trading. It had 191,000 registered users, he said.

Mr Heron said his company made a loss of £404,000 in its first year’s trading but was predicting making a profit in its current financial year of about £1 million.

Mr Heron said he decided to relocate the business to Dublin because of better access to employees and capital.

“Dublin is a centre of technological excellence,” Mr Heron said.

"There is not a huge amount of difference in my view between Dublin and San Francisco. "