Xtremepush to double headcount after raising €27.8m

Customer engagement management platform Xtremepush has raised $33 million (€27.8 million) as it looks to expand into more markets.

The company's cash raise includes equity funding from Grafton Capital, a London-based growth investor in European technology companies, alongside a refinanced debt facility.

Founded in 2014 by former professional rugby player Tommy Kearns and Kevin Collins, Xtremepush sells software for direct digital marketing to customers, over the internet and via SMS or text messages. Its clients include McDonald's, AIB, Bank of Ireland, RTÉ, Leinster Rugby and The Irish Times.

Mr Kearns said Xtremepush intended to use the financing to double down on its expansion plans in a number of markets, including the United States where it recently opened a new office. He said the company also intended to double its workforce to 140 people over the next 12 months.

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The company last year announced plans to focus on a number of acquisitions after raising €4.25 million in funding from boutique lender, Beechbrook Capital.

In 2019, Xtremepush bought Alchemetrics, a UK customer data agency, while in 2018 it acquired another British business, Emailcenter, which provided email marketing services.

“Xtremepush is now in hyper-growth mode. We want to scale quickly in all of these markets, both organically and through strategic acquisitions,” said Mr Kearns.

Founded in 2014, Grafton Capital has invested more than £130 million (€152 million) in European software and technology companies. It recently exited SportPursuit and sold Softomotive to Microsoft in 2020.

It typically invests between £5 million and £20 million in categories including software, data and analytics, online platforms or marketplaces. It invests to fund the next phase of growth, to provide founder liquidity, or to provide an exit for legacy shareholders.