Galway hybrid workplace management platform Ronspot says it has secured €1.1m in a funding round led by Furthr VC, with contributions from the Halo Business Angel Network and Enterprise Ireland.
Ronspot said it will will use the funds to expand its team and operations and scale internationally, with plans to add 10 jobs over the next 18 months, bringing its headcount to 28.
The company is expecting revenue to grow 400% to 2025.
Ronspot started as a corporate parking management solution in 2018 and has evolved to become a three-in-one space management platform for hybrid working and workplace efficiency.
Users can book car and bicycle parking, hot desks, meeting rooms, and manage visitor requirements and other resources such as lockers with the Ronspot app.
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In the last two years, it has added new features including groups, teams, recurring bookings and single sign-on.
"Today’s organisations are acutely aware of the need to provide flexible hybrid working solutions in order to retain and attract talent," said Michael Furey, CEO of Ronspot.
"It continues to be an employee’s market and top talent will leave roles, or accept positions elsewhere, if a company isn’t doing enough to support the work/life balance that they have become accustomed to over the last two-and-a-half years.
"We recognised this shift early on in the pandemic and have evolved our solution to become an essential tool in any modern workplace.
“Additionally, organisations are starting to review their real estate commitments with an eye on how they can reduce their building footprint and its associated costs, while at the same time increasing their head count with more intelligent management of their office spaces.
"The days of ‘one desk, one employee’ are a thing of the past for many, so it’s important that these resources are utilised more effectively in the future."
The new roles will be across sales, marketing, customer success, data security and human resources will be based in Galway and Dublin on a hybrid or remote basis.
The company is aiming to establish a physical presence in Germany, France, Italy and Spain through its participation in Enterprise Ireland Enter the Eurozone programme.
The funding from Furthr VC comes from its latest fund, backed by Irish technology entrepreneurs and business leaders and Enterprise Ireland, which focuses on highly scalable, export-focused software and MedTech companies.
The €32m fund has to date invested in 15 companies and is on track to invest in up to 30 enterprises by the end of 2024.
Richard Watson, managing partner of Furthr VC, said: “Great companies can be born out of uncertain times and Ronspot is an example of this. Early in the pandemic, the team recognised that the world of office work was changing forever and took the company in a new direction to take advantage of this.
"We are excited to be leading this investment round and look forward to working closely with Ronspot’s leadership team as we prepare for strong international growth and ultimately delivering significant returns for our investors and other shareholders.”
Stephen Stilliard, chair of HBAN’s WxNW syndicate, said: “Having contributed €400,000 in 2020, angels in our syndicate are once again investing in Ronspot.
"Angel investors want to back businesses that are built for the future and that is what Ronspot represents. It has recognised, and capitalised on, an exciting market trend and our investors see great potential in that.”
An August 2022 allotment filing for Ronspot Ltd discloses €370,000 investment by a nominee company run by law firm Flynn O'Driscoll, and €100,000 investment by London company AG Grid Ltd.
Ronspot was incorporated in May 2020 and booked a loss of €85,000 in its start-up trading period in 2020.
Photo: Michael Furey (right) and Richard Watson
