A Galway-based Internet firm established a year ago has raised over $12 million (12.44 million) from four US, Australian and European venture capital companies. Yac.com, which is now valued at around $55 million, provides customers with a single telephone number through which they can redirect all their live calls, voicemail and faxes.

The company now employs 60 people in Galway, the original home of founder and 31 per cent shareholder Mr Mike Feerick, a technology millionaire. Launched with initial funding of $2 million, Yac.com is now growing at a rate of 1,000 subscribers a day in the UK market, where it has acquired 50,000 subscribers since its launch in November 1999.

Mr Feerick says it will seek a further round of institutional funding of around $50 million within months, and Yac.com is likely to seek a stock market flotation before the end of the year.

Mr Feerick (33) was formerly managing director of the US-based Internet finance magazine, Interactive Investor, valued at $35 million when it took a listing on the Nasdaq index in February.

The latest investors in Yac.com are Pond Ventures (20 per cent), Zouk Ventures (11 per cent), AMP Capital (11 per cent) and Emerging Technologies (6 per cent).