This just in: digital news service Kinzen raises €500k funding

Delaware-registered investor backs start-up launched by Storyful founder Mark Little

Former RTÉ journalist  Mark Little, founder of Kinzen, which secured the funding from a company called DK Investment LLC. Photograph: Eric Luke/The Irish Times

Former RTÉ journalist Mark Little, founder of Kinzen, which secured the funding from a company called DK Investment LLC. Photograph: Eric Luke/The Irish Times

 

Kinzen, the digital news venture established by former RTÉ journalist and Storyful founder Mark Little, appears to have raised €500,000 in investment.

Recently filed documents show the start-up secured the funding from a company called DK Investment LLC, with a registered address at the Corporation Trust Center in Wilmington, Delaware.

Mr Little declined to comment to The Irish Times on the latest fundraising by his company.

Kinzen, whose co-founders are former Storyful alumni Áine Kerr and Paul Watson, officially launched its digital news subscription service earlier this year.

The start-up’s other backers include Ray Nolan, founder of Hostelworld and XSellco, Richmond Marketing director Alan Metcalfe and State agency Enterprise Ireland.

Delaware has in recent years become a location for those seeking to take advantage of the so-called “Delaware Loophole”, which allows companies to minimise their tax bills.

Some of the world’s biggest multinationals, including Apple and Coca-Cola, are registered at the Corporation Trust Center in Wilmington.

Web Summit founder Paddy Cosgrave, who has been highly critical of the Republic of Ireland’s corporate tax regime, is among those who have taken advantage of the legal loophole by registering an investment fund he co-founded in Delaware.

Nearly half of all public corporations in the US are incorporated in the state.