Friday, 19 August 2022
Image Caption - Richard Watson, managing partner with Furthr VC (left), with Paul McNulty, CEO and founder of 3D Issue
Irish venture capital firm Furthr VC and the State-backed Western Development Commission have both invested €375,000 in the business, which was established in 2007.
3D Issue offers tools to digital publications to help them make their content more engaging and interactive when accessed online.
The company said new roles will be in design, software development, sales and marketing. Most of the roles will be based in Donegal with remote working options available, while some sales and marketing roles will be located in 3D Issue’s key markets such as the US and the UK.
Today it has more than 1,500 clients in 44 countries. It said the new investment would help it to expand its business in existing market, while also allowing it to expand to new areas while also facilitating product development and innovation for the company.
3D Issue also aims to grow its revenues from €1m to €6m over the next three years.
"We have an established base of extremely large international enterprise customers and the launch of [new platform] Experios will be significant in helping us to increase our revenues through existing business, as well as new opportunities," said Paul McNulty, founder and CEO of 3D Issue. "Recently, we helped a publisher to reduce the design time spent on an online publication from 240 man hours to four, while reducing the cost per page from more than €4,000 to under €70.
"We will continue to innovate to ensure we are bringing the best service and quality to our customers."
Furthr VC said 3D Issue was a good fit for the kind of company it was looking to invest in.
"When we established our latest fund, we set out very specific criteria for the types of companies that we were looking to back, and which we believed would deliver the best returns for our investors," said Richard Watson, managing partner at Furthr VC. "As a technology company, with a high performing management team and which is experiencing significant growth in major global markets, 3D Issue fits that bill very neatly."
Tomás Ó Síocháin, CEO of the Western Development Commission, said they were "delighted" to support the business.