Kollect on road to raise €2.3m

Waterford start-up Kollect on Demand will this week visit its home city as well as Cork and Dublin to stoke up investor interest ahead of its planned €2.3m IPO.

The company will float on the Nasdaq First North Growth Market in Stockholm on 19 December.

Kollect on Demand was founded by CEO John O’Connor, a native of Kerry, Cork native Robbie Skuse – who is CIO – and COO John Hegarty.

It has quickly established itself as an innovator and disruptor in the waste industry with 39 employees. It runs operations in Waterford, Cork, Dublin and Manchester from its home base at the Waterford Enterprise Centre.

The business had revenues of approximately €2.3m in 2018 which are projected to grow further in 2019.

First North by south east

Four men dressed smart casual.

Pictured above (from left): John Hegarty, John O’Connor, Robbie Skuse and Jamie Walsh

The decision to list on the Nasdaq First North stock exchange will send a signal to other Irish SMEs that there are new routes available to raising funding and attracting investors.

The fact that it is the second Waterford start-up to IPO after Immersive VR last year is also testimony to the standard and quality of IT start-ups emerging from the south east of Ireland.

It is understood that the founding team originally presented the idea for Kollect on Demand as part of a Startup Weekend in Cork four years ago.

Kollect provides online booking of waste collection and disposal across Ireland.

It opened its first UK office in Manchester in September.

 A full prospectus will be available on the company’s website from Monday next (9 December).

The marketing process began last week and will continue through this week and again next week in both Ireland and Sweden.

The share offering and Nasdaq listing will support the Company’s continued growth through geographical expansion and customer acquisition whilst the access to the capital markets will increase awareness and credibility of the Company among potential customers and investors.

The funds raised will primarily (60pc) be used to finance sales and marketing, including entry into the market in up to seven new cities. The balance is intended for investments in technology and product.

Interested investors can subscribe for shares up to Tuesday of next week – December 10.

A preliminary date of 19 December 19 has been set for the first day of trading in Kollect shares with the ticker symbol KOLL.

The Kollect investor presentations this week include the following venues:

  • The Clayton Hotel, Ballsbridge, at 1.00pm and 6.00pm on Thursday 5th December 2019
  • The Metropole Hotel, Cork at 8.00 am on Friday 6 December 2019
  • The Granville Hotel, Waterford at 1.00 pm on Friday 6 December 2019

Written by John Kennedy (john.kennedy3@boi.com)

Published: 4 December, 2019