Dublin-based software firm Fenergo scored EUR 4 million or USD 5.4 million from Ulster Bank Diageo Venture Fund with co-investment from the company's existing investors. As part of the deal, John Dolan of Investec Ventures would be joining Fenergo's board of directors. Investec Ventures manages the Ulster Bank Diageo Venture Fund.
Fenergo Co-Founder and Chief Executive Officer Marc Murphy said they were delighted with the funding from Investec. He said, "Investec's footprint and relationships within the financial sector, combined with their team's experience in helping enterprise software companies expand globally, make them an ideal partner for Fenergo."
Murphy said they would be using the capital injection to enhance their platform and accelerate growth. Fenergo provides financial institutions with the platform to manage their regulatory onboarding processes. The company also provides clients with data management software solutions.
John Dolan said of the investment of Investec Ventures, "Fenergo is a great example of an indigenous high growth potential business led by impressive management that we and our investors are keen to support and help grow into the global market leader."
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