DBIC Ventures today announces that it has led a €1.6M funding round in industry cloud CRM company, Clarity CX1. The investment will be used to fuel Clarity CX1’s global growth plans, supported by 30 new jobs over the next two years.
Established in February 2020, Dublin-based Clarity CX1 develops tailored CRM solutions built on the Salesforce Lightning platform. The solution was developed to fill a gap in the market for strategic sales and relationship management in sectors with notoriously complex and multi-layered customer engagement structures, including life sciences, manufacturing and financial services. It is tailored for each industry and allows users to rank and manage opportunities strategically, providing the user with a detailed understanding of where to focus their efforts.
The investment will be used to support Clarity CX1’s go-to-market strategy, which includes international expansion. The company is targeting large multinationals operating in the US, Asia-Pacific, Europe and the UK and is currently implementing CX1 with Stemline Therapeutics, a subsidiary of Menarini Group based in Italy. Clarity CX1 estimates that the addressable market for its services is approximately $11BN per year and it expects to reach revenues of €1M by year-end 2022. This growth, along with the investment, will support the creation of an additional 30 jobs – bringing Clarity CX1’s total headcount to more than 40, with the majority being based in Dublin.
DBIC Ventures led the seed round, investing via its latest fund. Launched in 2019, the fund is highly active and is investing in up to 30 highly scalable, export-focused Irish software and MedTech companies up to year-end 2024. The fund is backed by leading Irish technology entrepreneurs and business leaders, as well as Enterprise Ireland. Also contributing to the funding round were business angel investors from Halo Business Angel Network (HBAN); Enterprise Ireland; Tribal.vc; and Spark Crowdfunding.
Clarity CX1 is a spinout company of Clarity Engagement Solutions, which since 2009 has been providing strategy consulting and virtual training solutions to 8 of the world’s top 20 pharma companies.
Chris Deren, CEO and founder, Clarity CX1, said: “Industries like pharmaceuticals, manufacturing and financial services have large voids in their CRM systems because of their extremely complex B2B sales cycles. Sales teams are engaging with multiple stakeholders of varying seniority in multiple departments: it is not only a headache, but it delays revenues. We are providing users with the insights to make the best use of their time and therefore shorten the sales cycle and pursue more qualified opportunities.
“We are delighted to have the backing of DBIC Ventures as we go to market. They have not only provided us with capital, but also the experience, knowledge and network of contacts that are so important at this early stage. With this support – along with the financing – we will be able to scale globally at pace.”
Colm O’Sullivan, Partner, DBIC Ventures, said: “This significant investment underlines the founder’s impressive track record and the clear global market need for Clarity CX1. The company is pursuing an aggressive growth strategy and targeting some of the world’s most profitable industries.
“DBIC Ventures invests in, and partners with, highly ambitious start-up teams to support their growth plans. I am excited to be joining the company’s board and working with the Clarity CX1 team as the company scales rapidly.