Twelve Horses raises €3 m

Twelve Horses, the Dublin e-mail software company whose €32 million (£25.2 million) takeover by US group Mindarrow Systems was aborted earlier this year, has raised $3 million (€3.31million) in third-round funding.

American Century Ventures, an arm of JP Morgan Chase, has invested $2 million while the balance has come from Twelve Horses' existing shareholders. The company's existing shareholders include Mr Denis O'Brien, Mr Leslie Buckley and the McCann family which runs Fyffes. Management headed by founder and chief executive Mr David Malone are also substantial shareholders in the company.