The constantly evolving space that is online marketing can be a difficult world to keep up with especially for big brands and marketing agencies who are seeking to leverage social media to engage with their consumers and to enable them contribute to and share branded material.
Betapond is an Irish company and a global leader in creating social media applications for this market. It is the only Facebook approved Preferred Developer Consultant (PDF) in Ireland and only one of 90 worldwide.
Betapond founder Declan Kennedy approached Dublin Business Innovation Centre (Dublin BIC) in October 2010. The company had been working on developing an expertise on creating applications for the Facebook platform and specifically for the Facebook Places development that was due to be launched in the UK. Betapond needed to raise funds to fully capitalise on the opportunity that the UK market presented.
The Dublin BIC team assigned to assist Betapond had experience in both the brand marketing and social media spaces and so were immediately able to join forces with Declan to get the company ‘investor ready’. The process involved challenging the strategy, refining the market proposition, defining the market and commercial opportunity and importantly identifying the best way to present the opportunity to would be investors.
The process undertaken transformed the manner in which Betapond presented itself to the investor community, and it paid off. In January 2012 Betapond secured venture capital funding of €1.15 million. The syndicated funding was provided by the Bank of Ireland Start-up and Emerging Sectors Equity Fund, managed by Delta Partners, Irrus Investments, and Enterprise Ireland.
Declan Kennedy, founder of Betapond, the company that has secured clients such as Paddy Power, Tourism Ireland, Marks and Spenser and Intel, spoke at an event for start ups at the Dublin BIC managed Guinness Enterprise Centre in March 2012 where he explained the importance of really understanding the requirements of potential investors before pitching to them. He said; “The team at Dublin BIC really put us through our paces in developing our investor presentations and in working out our fundraising strategies, but it got us to the right place in the end. It was an extremely worthwhile process and I would recommend it to any company that is seeking to raise capital”.