Clearco reveals plans to invest €100m in Irish e-commerce start-ups

The potency of emerging Irish e-commerce businesses is not lost on Canadian investment firm Clearco.

As well as establishing an international sales hub in Dublin, Clearco has revealed plans to invest €100m in Irish e-commerce start-ups.

Regarded as one of the world’s largest e-commerce investors, the company said it is continuing to build on its commitment to democratise access to capital through equity-free capital funding products for founders and entrepreneurs.

“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 e-commerce economy”

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 7,000+ 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.

Digital-first Irish businesses

The company plans to invest €100m into digital-first Irish businesses, as it continues to support the 15+ % growth predicted in the Irish economy in 2022.

50% of the businesses in the company’s global portfolio are 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.

“Clearco is excited to bring our revenue-based funding model to Irish founders,” said co-founder and CEO of Clearco Michele Romanow.

“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 e-commerce 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.”  

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.

The company is establishing a new international sales and business development hub in Dublin to facilitate growth in in Europe, North America and Asia Pacific.

This facility currently has 75 team members and the company plans to add 125 employees in future.

“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,” An Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar TD said.

“The creation of 125 new jobs is a real boost too. Congratulations to the team and the very best of luck with the expansion.”

Martin Shanahan, CEO of IDA Ireland added: “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.”

Main image at top: IDA Ireland CEO Martin Shanahan with co-founder and CEO of Clearco Michele Romanow and Minister for Public Expenditure and Reform Michael McGrath, TD 

John Kennedy
Award-winning editor John Kennedy is one of Ireland's most experienced business and technology journalists.