Dublin-based company TCAS Online recently raised EUR650,000 or GBO545,000 in new capital for business development following venture capital support. Kernel Capital Partners led the funding round with a EUR250,000 investment, with participation from Enterprise Ireland and other private investors.
TCAS Online Barry Murphy said about the new funding, "(The funding) underpins the confidence we have in our product and our dynamic and energetic team. 'Our objective now is to use this investment in the smartest way possible to achieve our goal to be a world-class provider of student accommodation management systems and to ensure we live up to the expectations of our investors."
According to its profile on CrunchBase, TCAS has been providing student accommodation management systems since it was founded in year 2000. It has logged in over 10 years of experience in project development and implementation across Ireland and the UK. It counts Fresh Student Living and CRM Students among its various clients, and had already achieved traction in the Asia, according to Growth Business UK.
TCAS cited data that the student accommodation market is projected to be at USD200 billion, with GBP19.5 million of it is accounted in the UK segment. However, business projections indicated that increased competition in providers of accommodations had pushed up occupancy rates.
Kernel Capital partner Orla Rimmington added that the worth of the niche market, referring to student accommodation, was dependent on the state of the operations of the businesses in that niche market.
"TCAS Online streamlines daily operations for its customers enabling economic occupancy, which is key to financial performance," Rimmington said.
Kernel Capital is one of the leading venture capital firms. With over EUR170 million in funds managed and with offices in Belfast, Cork and Dublin, Kernel's portfolio includes more than 70 companies that employed more then a thousand people. Business that Kernel's portfolio companies belong to are in the Internet, medical devices, telecommunications, software and semiconductor design.
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