DUBLIN/LONDON/TORONTO/NEW YORK -- Wednesday, March 30, 2022 -- Clearco, the world’s largest ecommerce investor and the company revolutionizing the way founders grow their businesses, today announced that it is continuing to build on its commitment to democratize access to capital and expand into growing global markets with the introduction of its signature equity-free capital funding product to Irish founders and entrepreneurs. The company plans to invest €100 million into digital-first Irish businesses, as it continues to support the 15+ % growth predicted in the Irish economy in 2022*. Clearco also plans to expand its products and services within its current European operations and into new key markets across the continent in 2022 – with plans including expansion into Western Europe, Central Europe and the Nordic region. Currently the company operates in The US, Canada, Australia, The UK, Ireland and The Netherlands.
As part of the company’s continued growth and expansion, an International sales and business development hub has been created in Dublin to help bolster and enable Clearco’s growth plans across Europe, North America and Asia Pacific in 2022. This facility currently has 75 team members and the company plans to add 125 employees in future.
Clearco is currently a global leader and pioneer of the ‘revenue-based funding’ sector. The company’s technology combines AI and data science to offer fast and affordable funding in the form of non-dilutive capital for ecommerce businesses without personal guarantees, as well as other services beyond capital. An alternative to traditional venture capital, the company also provides inventory funding and access to a global founder community, as well as insights and valuation tools to ensure its founders are successful.
Founded by tech entrepreneur and star of the Canadian edition of “Dragon’s Den” Michele Romanow and Andrew D’Souza, Clearco has invested more than US$3.2 billion globally into 7000+ businesses across three continents. Ireland is the fourth international market for Clearco, and the creation and development of its sales and business development team is key to serving as many founders as possible internationally.
Clearco is having an undeniable impact on the global world of business as it literally “changes the face” of investing. With proprietary algorithms that are gender-, race-, and location-agnostic, Clearco is unique globally in its commitment and ability to fuel entrepreneurship outside of traditional networks and startup hubs. Current data and insights from Clearco underscore its commitment to addressing underserved communities. Today Clearco funds 25x more women when compared to traditional VC’s. Currently a staggering 50% of the businesses in the company’s global portfolio is led by women.
At Clearco UK, 70% of businesses that have been funded are located outside of London. In the US market, Clearco has funded businesses in all 50 states, but well over half of the company’s funding goes to businesses outside of California, New York, Illinois and Massachusetts which received almost 70% of all funding. In the Irish marketplace, Clearco is confident that its investment in the marketplace will see the same trends and hope to be able to help to fund traditionally underserved communities.
Co-Founder and CEO of Clearco Michele Romanow commented “Clearco is excited to bring our revenue-based funding model to Irish founders. Ireland has one of Europe’s strongest economies and a dynamic start-up sector. We are confident that we will have a meaningful impact on the Irish ecommerce economy. Clearco is excited to establish this International Sales hub in Ireland to support our growth in the EMEA region. We’re impressed by the talent and tech skills here and I look forward to building the team to serve our growing customer base.”
Ruma Bose, Chief Growth Officer of Clearco said “We are excited to help democratize founder funding to support the many exceptionally talented and innovative businesses in Ireland and across the globe. We are proud that our technology removes inherent biases that can impact funding decisions. We look forward to continuing to work with European founders of all ages, genders, races and regions to furnish them with access to capital and data and insights to help them grow their businesses.”
An Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar TD said “It’s a pleasure to welcome Clearco to Ireland and I’m really happy the team has chosen Dublin as the company’s location for its new Global Sales Hub. We pride ourselves on the environment we have created to help ambitious multinationals like Clearco thrive and I’m sure the team will feel at home here. The creation of 125 new jobs is a real boost too. Congratulations to the team and the very best of luck with the expansion.”
Minister for Public Expenditure and Reform Michael McGrath TD who met with the company CEO in Dublin said “Today’s announcement by Clearco is yet another vote of confidence in Ireland’s financial services sector which has performed remarkably well in recent years. It is also a vote of confidence for the wider Irish economy and I am delighted to see that the company plans to invest €100 million in digital-first Irish businesses. Clearco’s decision is further evidence of Ireland’s continued ability to attract foreign direct investment by global leaders across a range of sectors . Ireland has a well-educated and entrepreneurial workforce which makes it an ideal location for this kind of investment. I wish Clearco the very best in this exciting new endeavour and I would also like to commend IDA Ireland for its outstanding work in promoting Ireland around the world.”
Martin Shanahan, CEO of IDA Ireland said “The arrival of Clearco, a leader in revenue based funding, is a great addition to the vibrant international financial services sector in Ireland. Ireland is an ideal location from which the company can grow and expand its products and services in Europe and new markets. I wish them every success here.”
