Taxpayers have invested €100,000 through Enterprise Ireland in Godleywood Ltd, the loss-making venture established by Kevin Godley, a founder of 10cc, the 1970s pop band renowned for the hit, ‘I’m Not In Love’. The EI payment was effected in March 2016.
Based in the IADT Media Cube in Dun Laoghaire, Godleywood was established in 2009 to promote and license WholeWorldBand, described by Godley as a unique music based audio visual application / platform that delivers a more immersive music consumer experience. One application is developing innovative experiences for use online and for the games industry.
The company booked a net loss of €2.4 million in 2014, bringing accumulated losses to €4.7 million. Equity invested in December 2014 amounted to €5.1 million.
The filed accounts for 2014 note that in 2015 the company completed a fundraising round from private investoirs for €1.75 million of secured redeemable convertible loan notes.
The loan note lenders include Dermot Desmond, DGZ Investment Group in Guernsey, Trintech’s Cyril McGuire, Donal O'Shaughnessy, INM chairman Leslie Buckley, Peter McManamon and Rona Daly.
In Association with
The Godleywood fan club includes Barry Maloney, who is on the board of directors.
Photo: Kevin Godley (left) with Mark Little (right) and eir’s Gary Disley
