Lough Shore Investments announces seed funding in Northern Irish start-up SendmyBag
Lough Shore Investments, the Belfast-based angel investment firm, has today announced a significant seed investment in Northern Irish start-up SendmyBag.
Belfast, Northern Ireland – September 10, 2012 -- Lough Shore Investments, the Belfast-based angel investment firm, has today announced a significant seed investment in Northern Irish start-up SendmyBag. The financial terms of the investment have not been disclosed but the deal will see SendmyBag fund its expansion into key international markets and further develop the start-up’s core enabling technology among key suppliers.
Today’s announcement follows the appearance of SendmyBag’s CEO Adam Ewart on the BBC programme Dragons’ Den last night, where Adam pitched the Belfast-based start-up to the Dragons in what was the first episode of the show’s latest series.
SendmyBag, founded by 27-year-old Adam Ewart in 2010, provides people a simple and affordable door-to-door baggage transportation service that can be booked online and arranged for collection within 24 hours. Most importantly, SendmyBag allows users avoid the ever-increasing baggage handling charges when flying and constant frustration with the inconvenience of strict ‘hand luggage’ rules. SendmyBag is the easiest way for students, families, and business travellers to travel luggage-free and in a cost-effective fashion.
Speaking following the announcement, Danny Moore, principal and founder of Lough Shore Investments, said: “It has been an exciting 24 hours for SendmyBag and we are delighted to have played a small part in that. From the outset, we saw the tremendous potential in both Adam and SendmyBag – it is a potential the Dragons obviously missed and something I think they will soon come to regret. Adam is one of the finest young entrepreneurs I have ever had the pleasure to work with and will, I have no doubt, soon stand alongside some of Northern Ireland’s leading entrepreneurs. We are delighted that he and Sendmybag are now a part of the Lough Shore family.”
“As an investment, Sendmybag is fantastic opportunity in that it is an exceptionally disruptive service and technology that focuses on an ever growing pain-point for travellers the world over. It can often be difficult to measure the market for any start-up but in this case the numbers speak for themselves- in the US alone last year the fees around excess and checked luggage topped the $ 3 billion mark and is expected to grow further this year. Add to that Michael O’Leary’s plans to operate a ‘hand-luggage only’ service in the near furture and the opportunity here is clear.”
Speaking following the announcement, SendmyBag founder and CEO Adam Ewart said: “SendmyBag has been growing steadily for a number of years as a service primarily aimed at the student market, as they travel to and from university. However, a much larger opportunity has presented itself as consumers respond to increased charges for airline baggage. With the support of Lough Shore Investments we plan to make Sendmybag a compelling international proposition. Our aim is to put the joy back into travel, and remove the financial, emotional and psychological stress from the experience, whether we are dealing with leisure fliers, travel operators, business travellers, families or students.”
Notes to Editors:
Lough Shore Investments, founded by Danny Moore in 2010, is a Belfast-based seed and early stage investment firm. Lough Shore Investments looks to partner with both established and promising next generation start-up companies primarily based in Northern Ireland and Ireland with a goal to bring ten companies to exit or IPO by 2025. For further background and comment on Lough Shore Investments please visit http://loughshore.co and http://blog.loughshore.co
SendmyBag was founded by entrepreneur Adam Ewart to provide a simple and cost-effective online door-to-door baggage service. Originally aimed at students, the service is now available internationally. For further information please visit http://www.sendmybag.com
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