Clearco plans to invest €100m into digital-first Irish businesses as it grows its Dublin sales and development hub.
Revenue-based lending start-up Clearco is planning to create 125 new jobs at its recently established sales and development hub in Dublin.
The Dublin base was created to help bolster the firm’s growth plans across Europe, North America and Asia Pacific in 2022. The facility currently has 75 team members and Clearco now plans to add 125 more employees.
Clearco, formerly Clearbanc, offers equity-free capital tools to e-commerce, SaaS and mobile app entrepreneurs. As well as Ireland, the company currently operates in the US, Canada, Australia, the UK and the Netherlands.
It was founded in 2015 by former Canadian Dragon’s Den star Michele Romanow along with Andrew D’Souza, Ivan Gritsiniak, Charlie Feng and Tanay Delima.
Last July, Clearco raised $215m in a funding round led by SoftBank. Other investors include Oak HC/FT, Highland Capital, Emergence, Founders Fund and Inovia.
Now, the company plans to invest €100m into digital-first Irish businesses as well as its fulfilling its hiring and growth plans in the country.
Clearco’s technology combines AI and data science to offer funding in the form of non-dilutive capital for e-commerce businesses without personal guarantees.
It also provides inventory funding and access to a global founder community, as well as insights and valuation tools. It is intended as an alternative to the traditional venture capital funding model.
“Ireland has one of Europe’s strongest economies and a dynamic start-up sector. We are confident that we will have a meaningful impact on the Irish e-commerce economy,” said Romanow, adding that the Irish hub would serve its EMEA customers and help with expansion goals.
Ruma Bose, chief growth officer at Clearco, said the company would help “democratise founder funding to support the many exceptionally talented and innovative businesses in Ireland” as well as across the globe.
Bose added that the company’s technology “removes inherent biases that can impact funding decisions,” such as age, race and gender.
Clearco has invested more than $3.2bn into around 7,000 businesses across three continents. Currently, 50pc of the businesses in the company’s global portfolio are led by women.
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