Dublin software startup Spire is hoping to capitalise on a successful recent entry into the UK market, helped with a pocketful of investor cash to keep the momentum going.

Founded by Ken Morgan and Kim McKayed in 2018, Spire's software solution is aimed primarily at vehicle recovery operators, towing companies and other players in the automotive insurance claims handling sector. The solution combines a mobile app and online platform to manage incident call-outs, evidence gathering, workflow and other logistics.

“We’re like an iCabbi for the recovery industry,” says Morgan (45), who adds that the system uses a per-job pricing structure. Morgan previously founded CarTow.ie, which runs a breakdown assistance service.

Co-founder McKayed built the Spire system, which can sit on top of existing incident management programmes. Morgan stepped down from CarTow in 2018 to work on Spire full-time.

“We are focused entirely on the UK market,” Morgan explains. “We recently signed our first client there, a fleet operator with 250 trucks. We don’t have direct competition as we’re an ‘enabler’ – we aren’t trying to displace other software already in the sector. Our solution sits on top of it.”

In Association with

The company's first foray into the UK came after participation in the NDRC's six-month accelerator programme in 2019, which included a business visit across the Irish Sea. Spire ended up winning €30,000 in follow-up investment in the NDRC’s investor showcase, a competitive pitch event held at the conclusion of the accelerator.

According to Morgan, the NDRC programme put his startup through the mill to prove that it was a viable venture. “It was very intense -- they made us pull the whole Spire concept apart and put it back together again. We ended up with a completely different outlook."

The state-funded NDRC has also invested €100,000 in Spire through convertible loan notes. Morgan has invested €40,000 in the business, while managing director John Dowling has invested €30,000.

Spire is currently tapping EIIS investors, and €210,000 in equity capital was raised from this course late last year. Dublin BIC is also in talks about potential investment and Morgan hopes to raise matching funds from Enterprise Ireland.

Morgan says that bank loan funding for his type of venture is not available. “There are many government supports but you need to make sure you have the right business model. Organisations like the NDRC and Dublin BIC want you to be very specific when it comes to market size and opportunities, industry knowledge etc.”

Photo: Ken Morgan (right) and Kim McKayed with Ben Hurley (left). (Pic Orla Murray/SON Photo)