Irish sovereign fund invests in online sales platform

first_imgIreland’s sovereign development fund has joined a $50m (€46.9m) equity raise by sales platform InsideSales.com, which will see the creation of 120 jobs in the country.In addition to funding from the €8.1bn Ireland Strategic Investment Fund (ISIF), the website also attracted support from Microsoft and existing venture capital investors as part of the latest round of fundraising, which brings its total capital to $250m.In a statement, InsideSales said its long-term goal was to create a centre of excellence for artificial intelligence (AI) and machine learning in Ireland, with plans to hire 120 staff across product development, engineering and sales once a suitable location for the office is decided on.Eugene O’Callaghan, the ISIF’s director, said the fund was pleased to welcome InsideSales to Ireland’s “flourishing” technology community. O’Callaghan added: “This investment is well aligned with the ISIF’s mandate, with the key benefits to the Irish economy being the targeted creation of more than 120 high-quality jobs over the next three years.”InsideSales.com’s chief executive Dave Elkington underlined the firm’s commitment to opening an office in Ireland, stressing that the AI technology at the heart of the sales platform would be unique among Ireland’s technology companies.“We’re not only looking to hire some of Ireland’s best and brightest technology graduates,” said Elkington, “but also to help build a new, highly skilled industry in the region.”The creation of jobs is but one of the metrics employed by the ISIF to measure how successfully its investments are at stimulating Irish economic growth.In an upcoming issue of IPE, O’Callaghan said the fund had recently begun expanding its impact metrics beyond measuring job creation to be “a bit more verbal, a bit more qualitative, a bit more case-study driven”.Its most recent economic impact report, covering the six months to June 2016, estimated that nearly 19,000 jobs had been created through the ISIF’s activities but also that the jobs created paid employees €657m in wages last year.For more on the ISIF’s investment strategy, see our interview with Eugene O’Callaghan in the February issue of IPElast_img read more

Guyana’s top wheelsmen to be in action on November 19 … Team Alanis stages 20-lap criterium around National Park

first_imgGUYANA’S top pedal cyclists will be in action next Sunday (November 19) when Team Alanis stages a 20-lap road race around the outer circuit of the National Park starting at 11:00hrs.The event, which is being sponsored by Team Alanis’ New York Chapter, will include several categories of cyclists, including seniors, juniors, veterans, BMX and mountain bikers.Among the United States-based Guyanese who have already contributed to the activity are: `Red man Gerry (only name provided), Monty Davis, Danny Chee and his wife Eunice, Onika Massy-Chung and Derick Sue Hang.With over $100 000 in prize money at stake for the entire activity, it will be interesting to see if Alanzo Greaves will be able to maintain the momentum, after serving a one-year ban for the use of illegal substance during last year’s `Ride for Life’ Five Stage road race.Greaves made a heavy impact on his return to the local cycling scene. He placed second in the 65-mile first stage road race behind Geron Williams then placed among the top eight finishers in the 3.5-mile individual time trial, ending off with a win in the 50.5-mile (20 laps) final stage around the outer circuit of the National Park.Apart from Greaves, Shaquille Agard will be beaming with confidence after winning the overall title in last weekend’s three-stage road race.Not to be outdone is Jamal John of Team Coco’s who won the previous weekend’s Digicel `Cancer Awareness’ 30-lap event around the same circuit.Other riders are Raynauth Jeffrey, Orville Hinds, Raul Leal, Michael Anthony, Marlon `Fishy’ Williams, Akeem Wilkinson and Geron Williams.last_img