Galway, August 2022 –
Furthr VC has led a €1.1M investment round in Galway’s hybrid workplace management platform, Ronspot. The funding round, including participation from HBAN and Enterprise Ireland, will assist Ronspot in team expansion and global scaling. Originally a corporate parking management solution in 2018, Ronspot has become a three-in-one space management platform for easy hybrid working and workplace efficiency. The cloud-based app allows users to book parking, desks, meeting rooms, manage visitor needs and other resources like lockers, all in one mobile app. Users can view real-time availability and colleague bookings.
From just three customers in two countries in 2018, Ronspot now serves over 200 customers across 30+ countries, indicating a rapid growth trajectory. The company anticipates a 400% annual revenue growth until 2025, fueled by the rising adoption of hybrid work models and the expansion of the space and workplace management software market, projected to exceed $1.3BN by 2024. This growth is also supported by Ronspot’s ongoing platform development, with new features like groups, teams, recurring bookings, and single sign-on added in the past two years, leading to a doubling of the engineering team.
Following its recent funding round, Ronspot plans to add 10 new roles in the next 18 months, increasing its team to 28. These roles, based in Galway and Dublin for hybrid or remote work, will span sales, marketing, customer success, data security, and human resources. This expansion will aid Ronspot’s growth in both new and existing markets. Currently, it’s participating in the Enterprise Ireland ‘Enter the Eurozone’ programme, aiming to establish a physical presence in Germany, France, Italy, and Spain.
The funding from Furthr VC comes from its latest fund, backed by leading Irish technology entrepreneurs and business leaders, as well as Enterprise Ireland. With an emphasis on highly scalable, export-focused software and MedTech companies, the €32M fund has so far invested in 15 companies and is on track to invest in up to 30 companies by year-end 2024.
Michael Furey, CEO, Ronspot, said: “Today’s organisations are acutely aware of the need to provide flexible hybrid working solutions in order to retain and attract talent. It continues to be an employee’s market and top talent will leave roles, or accept positions elsewhere, if a company isn’t doing enough to support the work/life balance that they have become accustomed to over the last two and a half years. We recognised this shift early on in the pandemic and have evolved our solution to become an essential tool in any modern workplace.
We are delighted to receive this funding from our investors, who share our excitement for the future of Ronspot. The team at Furthr VC have been working closely with us, offering valuable advice as we prepare for a period of rapid global growth.”
Richard Watson, Managing Partner, Furthr VC, said: “Great companies can be born out of uncertain times and Ronspot is an example of this. Early in the pandemic, the team recognised that the world of office work was changing forever and took the company in a new direction to take advantage of this. We are excited to be leading this investment round and look forward to working closely with Ronspot’s leadership team as we prepare for strong international growth and ultimately delivering significant returns for our investors and other shareholders.”
Stephen Stilliard, chair of HBAN’s WxNW syndicate, said: “Having contributed €400K in 2020, angels in our syndicate are once again investing in Ronspot. Angel investors want to back businesses that are built for the future and that is what Ronspot represents. It has recognised, and capitalised on, an exciting market trend and our investors see great potential in that.”
Jennifer Melia, Divisional Manager, Technology and Services, Enterprise Ireland, said: “Ronspot is an ambitious, scaling company that is competing and winning in international markets. Its offering has expanded to provide comprehensive space management solutions as the world of work has evolved, largely due to the COVID-19 pandemic. Enterprise Ireland is proud to invest in this Galway-based company that has strong growth and job creation plans and we look forward to helping them deliver their ambition.”
Ronspot has benefited from the support of external agencies including iHub at the Atlantic Technological University in Galway for providing a space to learn and grow, as well as the WestBIC Business & Innovation Centre for its continued support throughout Ronspot’s growth journey. The team also benefited from Enterprise Ireland programmes such as New Frontiers and the Enter the Eurozone.
