Clarity CX1 raises €1.6m in funding to grow its team
The seed funding round led by DBIC Ventures will support the company’s growth plans, including the creation of 30 new jobs over the next two years.
Cloud company Clarity CX1 has secured an initial investment of €1.6 million to support its global expansion plans.
The funding round was led by DBIC Ventures, the venture capital arm of the Dublin Business Innovation Centre, and will help the company create 30 new jobs over the next two years.
Angel investors from Halo Business Angel Network (HBAN), Enterprise Ireland, Tribal.vc and Spark Crowdfunding also contributed to the funding round.
The Dublin-based company, which was established in February 2020, develops bespoke CRM tools based on the Salesforce Lightning platform.
The tools are designed specifically for industries with complex customer engagement structures, such as life sciences, manufacturing, and financial services.
Clarity CX1 CEO and Founder Chris Deren said these industries often have large gaps in their CRM systems due to complex sales cycles.
“Sales teams engage with multiple stakeholders of varying seniority across multiple departments: it’s not just a headache, but it’s delaying revenue,” he said.
“We provide users with the information they need to make the most of their time to shorten the sales cycle and seek out more qualified opportunities.”
As part of its growth plans, the company intends to target large multinationals operating in the United States, Asia-Pacific, Europe and the United Kingdom.
Clarity CX1 expects to reach €1 million in revenue by the end of 2022. The new jobs will bring the company’s total workforce to over 40, with the majority of positions based in Dublin .
“We are thrilled to have the support of DBIC Ventures as we go to market,” Deren said. “They not only provided us with capital, but also the experience, knowledge and network of contacts that are so important at this early stage.”
DBIC Ventures has invested in the company through its latest fund, which launched in 2019 and invests in up to 30 Irish software and medical technology companies over the next two years. The fund is backed by leading Irish technology entrepreneurs and business leaders, as well as Enterprise Ireland.
DBIC Ventures partner Colm O’Sullivan, who will join Clarity CX1’s board, said the investment underscores the “clear global market need” for the company.
“The company is pursuing an aggressive growth strategy and targeting some of the most profitable industries in the world,” he said.
“I am delighted to join the company’s board of directors and work with the Clarity CX1 team as the company rapidly evolves.”
10 things you need to know straight to your inbox every weekday. Sign up for the brief dailythe summary of essential science and technology news from Silicon Republic.