Irish software company SynergySuite secures $7m in investment

SynergySuite, an Irish software company founded by siblings Niall and Suzanne Keane, has raised a combined $7 million (€5.9 million) in equity and debt, with tech veteran Bill McCabe among the backers.

Mr McCabe’s Oyster Capital participated in a $6 million fundraise for the hospitality-focused company two years ago in a Series A round led by US venture capital firm First Analysis.

First Analysis has also returned as a backer in the latest round, which is led by new partner Lago Innovation Fund.

SynergySuite, which has offices in Dublin, London and Utah, has developed an easy-to-use restaurant management software platform that integrates with existing technology systems and manages everything from inventory and procurement to recipe management, food safety, scheduling, HR and accounting.

State-backed Kaseya hit with €59m ransomware demand

---

Irish co-founded data firm Logical Clocks raises €5m

---

TikTok Sounds used to spread Covid vaccine misinformation - think tank

---

France fines Google €500m over copyright row

---

Founded in 2011, its clients include KFC, Press Up Entertainment, the Chawke Pub Group, Eddie Rockets, Bewleys, Wowburger, Hawthorne Leisure and Brewdog.

SynergySuite said the fundraise allows it to strengthen its position in the market during a critical time for the hospitality industry as its seeks to recover from the impact of the Covid crisis.

Expand

"This investment enables us to further expand in the North American market, and continue to innovate to serve multi-unit restaurants," said SynergySuite chief finance officer Eric Sailsbery. "We're honoured Lago understands our position in this market and saw how our unique technology serves their portfolio."

Lago, which is headquartered in Atlanta, Georgia, typically provides between $3 million and $30 million of capital to fuel the growth of companies in sectors that include software, tech-enabled services, ecommerce, food and beverage, gaming, health and wellness, online marketplaces and consumer products.

Belfast-born tech veteran Bill McCabe, who founded and sold elearning company CBT in the 1990s, is a long-time supporter of Irish-based businesses. Among the companies he has backed are renewable energy group Amarenco, breast implant-maker GC Aesthetics and tech companies such as FieldAware, Fleetmatics and Datahug.