Swrve closes $30m funding round, to create 45 jobs

Irish tech firm also announces that it has acquired Adaptiv.io

Swrve was established by Havok co-founders Hugh Reynolds and Steve Collins in 2010

Swrve was established by Havok co-founders Hugh Reynolds and Steve Collins in 2010

 

Dublin-based Swrve, a mobile and social marketing company, has announced plans to create 45 new high-tech jobs after closing a $30 million (€27.9m) funding and acquisition round.

Swrve, whose technology platform enables brands to deliver contextually rich and relevant in-app mobile interactions, said it intended to use the additional capital to accelerate product development and sales growth.

The company also said it has acquired Adaptiv.io, a data automation plaform for mobile. Founded in 2007, Adaptiv.io provides real-time analysis and actions to maximise revenue through its cross-channel and cross-platform data automation system for online and mobile marketing.

Evolution Media Partners (EMP), a partnership of the Creative Arts Agency-backed Evolution Media Capital, TPG Growth and Participant Media, and the Ireland Strategic Investment Fund (ISIF), led the latest funding round. Others participating in the oversubscribed round included existing investors Acero Capital and Atlantic Bridge.

Swrve, which recently announced that it had achieved 1 billion installs of its software development kit, was established by Havok co-founders Hugh Reynolds and Steve Collins in 2010. It now monitors more than 3 billion transactions per day across more than 750 million users.

“This is a key moment in the evolution of Swrve. This funding round, with its strong mix of US and Irish partners, and acquisition reflect incredible momentum and growth for the company. It also reflects the dynamic ecosystem that has been developed in Ireland for technology companies. It’s a good time to be a technology start-up in Ireland and our journey since founding Swrve five years ago certainly reflects that,” said Mr Collins.

Last year Swrve raised $10 million in a funding round having previously secured $6.25 million from investors led by Atlantic Bridge and Intel Capital in 2012.