Clarity CX1 secures investment to support global growth
DBIC Ventures today announced that it has led a €1.6M funding round, in industry cloud CRM company, Clarity CX1, in which HBAN angels also participated. The investment will be used to fuel Clarity CX1’s global growth plans, supported by 30 new jobs over the next two years.
Established in February 2020, Dublin-based Clarity CX1 develops tailored CRM solutions built on the Salesforce Lightning platform. The solution was developed to fill a gap in the market for strategic sales and relationship management in sectors with notoriously complex and multi-layered customer engagement structures, including life sciences, manufacturing and financial services. It is tailored for each industry and allows users to rank and manage stakeholders strategically, providing the user with a detailed understanding of where to focus their efforts.
The investment will be used to support Clarity CX1’s go-to-market strategy, which includes international expansion. The company is targeting large multinationals operating in the US, Asia-Pacific, Europe and the UK and is currently implementing CX1 with Stemline Therapeutics, a subsidiary of Menarini Group based in Italy. Clarity CX1 estimates that the addressable market for its services is approximately $11BN per year and it expects to reach revenues of €1M by year-end 2022. This growth, along with the investment, will support the creation of an additional 30 jobs – bringing Clarity CX1’s total headcount to more than 40, with the majority being based in Dublin.
DBIC Ventures led the seed round, investing via its latest fund. Launched in 2019, the fund is highly active and is investing in up to 30 highly scalable, export-focused Irish software and MedTech companies up to year-end 2024. The fund is backed by leading Irish technology entrepreneurs and business leaders, as well as Enterprise Ireland. Also contributing to the funding round were business angel investors from Halo Business Angel Network (HBAN); Enterprise Ireland; Tribal.vc; and Spark Crowdfunding.
Clarity CX1 is a spinout company of Clarity Engagement Solutions, which since 2009 has been providing strategy consulting and virtual training solutions to 8 of the world’s top 20 pharma companies.
Chris Deren, CEO and founder, Clarity CX1, said: “Industries like pharmaceuticals, manufacturing and financial services have large voids in their CRM systems because of their extremely complex B2B sales cycles. Sales teams are engaging with multiple stakeholders of varying seniority in multiple departments: it is not only a headache, but it delays revenues. We are providing users with the insights to make the best use of their time and therefore shorten the sales cycle and pursue more qualified opportunities.
“We are delighted to have the backing of DBIC Ventures as we go to market. They have not only provided us with capital, but also the experience, knowledge and network of contacts that are so important at this early stage. With this support – along with the financing – we will be able to scale globally at pace.”
Colm O’Sullivan, Partner, DBIC Ventures, said: “This significant investment underlines the founder’s impressive track record and the clear global market need for Clarity CX1. The company is pursuing an aggressive growth strategy and targeting some of the world’s most profitable industries.
“DBIC Ventures invests in, and partners with, highly ambitious start-up teams to support their growth plans. I am excited to be joining the company’s board and working with the Clarity CX1 team as the company scales rapidly.”
ClarityCX1™ is the 1st Vertical Industry Cloud Solution on the Salesforce Lightning platform to focus exclusively on Strategic Customer Engagement; first for global Pharma companies and then for other industry sectors. The company was created based on continuous feedback from the Life Sciences clients of ClarityCX1’s sister company, Clarity Engagement Solutions around the need for better SFE tools and processes to support more B2B, complex customer account management. Clarity is a Salesforce ISV Partner based in Dublin, Ireland with offices in North America, Latin America and Asia.
About DBIC Ventures
DBIC Ventures, the venture arm of Dublin BIC, launched its latest early-stage venture fund in late 2019 with the backing of leading Irish technology entrepreneurs and business leaders, as well as Enterprise Ireland. The fund is highly active, investing in Seed to Series A-stage B2B software and MedTech companies in Ireland, with initial investments of up to €650K. DBIC Ventures invests in and partners with highly ambitious start-up teams developing globally scalable products and services, and which are positioned to become the next generation of Ireland’s leading technology companies. In addition to providing institutional capital at an early stage, DBIC Ventures is a long-term partner to its portfolio companies and can invest up to €3M in a company through subsequent follow-on investment rounds.
About Enterprise Ireland
Enterprise Ireland is the Irish government agency responsible for the development and growth of Irish companies internationally in order to grow exports and jobs. Enterprise Ireland works with entrepreneurs and businesses to help them to start-up, develop innovative products and services, and scale internationally. Enterprise Ireland facilitates access to international markets through its international office network, supports business strategy and management capability training and provides finance, investment and research expertise.
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Tribal.vc is a venture firm that empowers entrepreneurs on their own unique path to success. We invest early and with conviction, using our experience and networks to help guide founders and their teams as needed.
Our portfolio includes leading Irish breakout companies such as Phorest, Brightflag, &Open, NewsWhip, Boxever, Glofox and many others.
About Spark Crowdfunding
Spark Crowdfunding is Ireland’s first equity crowdfunding company. It was founded by Chris Burge in Dublin in May 2018. The company connects start-ups looking to raise funds with investors interested in buying shares in private Irish companies.
To date, the platform has raised in excess of €12 million for more than 25 Irish start-ups including Akkure Genomics, ASX, Moby, Frequency, Horsepay, Fleet, Digitally, and Campsited. Last year, Spark Crowdfunding raised €2.2 million in less than a month for Paddy Power’s ASX sports trading exchange. Akkure Genomics, a Nova-UCD company building software for clinical trials secured €1.2 million on the platform last year.
Campaign sizes have ranged from €100,000 to €2.2 million with the average investment amount of €2,300. The minimum investment for this campaign is €100. https://www.sparkcrowdfunding.com