Dublin-based cloud company Clarity CX1 has raised €1.6 million in funding, in a round led by DBIC Ventures.
The investment will support the company’s global growth, with plans to expand in the US, Asia, Europe and UK, and create 30 jobs in the next two years. The majority of the jobs will be based in Dublin, and will bring Clarity’s total staff numbers to more than 40.
Clarity’s strategy will target large multinationals in the pharmaceutical, manufacturing and financial services sectors.
The company is expecting revenues to reach €1 million by the end of the year, with an addressable market for its services of approximately $11 billion per year.
“Industries like pharmaceuticals, manufacturing and financial services have large voids in their CRM [customer relationship management] systems because of their extremely complex B2B sales cycles,” said Chris Deren, chief executive and founder of Clarity CX1. “Sales teams are engaging with multiple stakeholders of varying seniority in multiple departments: it is not only a headache, but it delays revenues. We are providing users with the insights to make the best use of their time and therefore shorten the sales cycle and pursue more qualified opportunities.”
Established in February 2020, Clarity CX1 is a spinout company of Clarity Engagement Solutions. It develops CRM solutions built on the Salesforce Lightning platform.
The company is expecting revenues to reach €1 million by the end of the year, with an addressable market of Clarity CX1 estimates that the addressable market for its services of approximately $11 billion per year.
The funding round was supported by DBIC Ventures, and also backed by business angel investors from Halo Business Angel Network, Enterprise Ireland, Tribal.vc, and Spark Crowdfunding. DBIC Ventures is investing in up to 30 early-stage software and MedTech companies over a five-year period, with its fund backed by leading Irish technology entrepreneurs and business leaders, as well as Enterprise Ireland.
“This significant investment underlines the founder’s impressive track record and the clear global market need for Clarity CX1. The company is pursuing an aggressive growth strategy and targeting some of the world’s most profitable industries,” said Colm O’Sullivan, partner at DBIC Ventures. “DBIC Ventures invests in, and partners with, highly ambitious start-up teams to support their growth plans.”
Mr O’Sullivan will also join the company’s board.