Betapond, the developer of Facebook-based mobile marketing tools, has raised €1.15 million in venture capital for its Waterford development centre. Following the investment, staff numbers at Betapond will increase to 25 over the next year.

The syndicate of investors includes the Bank of Ireland Start-up and Emerging Sectors Equity Fund, managed by Delta Partners, Limerick-based angle investment fund Irrus Investments and Enterprise Ireland.

Founded in 2009, Betapond has offices in Waterford, Dublin, London and California. It has developed a product for retailers to reward customers who recommend them on Facebook using their mobile while instore. The company operates at the intersection of social networking, locations- based services and mobile, known as “solomo” in US marketing.