Lough Shore Investments announces seed funding in Dublin start-up Converser

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Lough Shore Investments has today announced a seed funding round in Dublin-based start-up Converser. The exact financial terms of the investment have not been disclosed but the deal sees Lough Shore Investments join a $1.2m seed funding round that includes Dublin-based venture capital firm Enterprise Equity and Enterprise Ireland.

Converser, founded by Barry Nolan and Oisin Hurley in 2010, is a CRM and cloud communications platform that can be embedded within mobile apps, making communications with customers easy and convenient by bringing the entire conversation in-app. The platform combines a self-learning CRM, an in-app, two way conversation engine, and analytics. Converser is already deployed with a number of international banks, insurance companies, and utility providers. As part of today’s announcement, the company is also launching their cloud service to individual developers.

Speaking following the announcement, Lough Shore Investments founder Danny Moore said: “We couldn’t be happier with today’s announcement and are delighted to welcome the Converser team to the Lough Shore Investments family. This investment is also particularly exciting in that it marks our first venture into what is a thriving Dublin start-up scene.

“We first encountered Converser at the Dublin Web Summit in 2011. Barry and his team were one of the five finalists in the ESB Electric Ireland Spark of Genius competition and we were immediately struck by both the team and the technology. Digging a little deeper, Converser turned out to be exactly the kind of start-up we look to back; a high potential management team with a history of building successful companies. We closed our first investment in Converser in late 2011 and are delighted to join with Enterprise Equity and Enterprise Ireland in this latest round.

“In terms of an investment, there’s an incredible momentum to the mobile space and we see Converser uniquely positioned to capitalise. Their offering is timely and disruptive, with an ability to circumvent what is a traditional and outdated means of customer engagement, marketing and CRM. Converser have taken a number of complex problems, combined them all within your mobile-app and most importantly, made it an inexpensive alternative to the other, more fragmented offerings. It’s a great fit for us.”

Speaking following the announcement, Converser co-founder and CEO Barry Nolan said: “It’s fantastic to have Danny Moore and Lough Shore Investments among our investors. Lough Shore is the best type of investor partner as the team have already built from scratch super-successful start-ups. They have a tremendous record both in their own right, and in the startups they have invested in. We’re excited by what’s to come.”

ENDS 03-04-2012