Xintec, the Dublin-based vendor of RA solutions, has raised EUR900k in finance; see the press release here. EUR350k comes from the Bank of Ireland Seed Fund, with the remainder coming from Enterprise Ireland (a government agency) and from private investors engaged in the Business Expansion Scheme (a mechanism to give tax relief to investors).
Xintec is an early stage start-up, founded in Luxembourg in 2007 by an Irish entrepreneur, Sean Killeen. The firm relocated to Ireland in 2011 after being offered support by Enterprise Ireland. Xintec’s strategy is to focus on selling RA and FMS solutions to smaller CSPs who have traditionally been underserved by vendors. According to RTE News, Xintec currently employs 8 people in Dublin and is planning to create 15 jobs by the end of 2013. The money will reportedly be used to drive growth in international markets through the recruitment of technical and marketing staff.