Stock images specialist Wavebreak Media in Cork has raised €650,000 from investors, led by Trintech’s Cyril McGuire, a non-executive director of the company.

Established by Sean Prior in 2006, Wavebreak Media specialises in the production and distribution of stock imagery, footage, 3D animations and after effects projects.

The company has invested just of €3 million in developing its media assets, with a spend of €742,000 in 2015. The company capitalises as fixed assets model costs, prop costs, digitisation costs and the related costs of the assignment of search terms and other pertinent information for each media asset.

After ongoing depreciation charges, the book value of these assets was €1.2m in December 2015, according to Kinsale auditors Bambury Fitzgerald.

McGuire, who turned a good profit in 2016 from his investment in another Cork venture, MPSTOR, invested €376,000 in Wavebreak Media in November 2016. Richard Cullen, who made a fortune from Aran Candy, invested €205,000 through Aberlour Investments Ltd. Also on board is Peter O’Grady Walshe, who invested €68,000 in the November share issue.

In Association with

Wabebreak Media has been backed by Kernel Capital, which invested €250,000 in 2010. Wave Break Media Ltd’s long term creditors amounted to €1,264,000 in December 2015, up €150,000 year-on-year. The company booked a net profit of €134,000 in 2015, reducing accumulated losses to €467,000. Net worth at year-end was €95,000 after debtors advanced from €263,000 to €374,000.

Wavebreak Media received €179,000 from taxpayers in 2015 through payments made by Enterprise Ireland. The state agency had previously made investments of €300,000 in the venture.

Photo: Sean Prior, pictured in 2010 with Lorraine Spillane from Bank of Ireland