Limerick-based company flying high after securing €1.4m in new funding
A LIMERICK-based aviation software company, Cloudcards, has successfully completed a major equity funding round, raising €1.4 million to support the company’s expanding operations.
The investment will see the company double its headcount in Limerick from 10 to 20 employees and further develop its product offering.
The capital injection brings to €5 million the total amount of funds raised by the company since 2016.
Founded by Limerick brothers Barry and Brian Fitzgerald in 2013, the company is led by CEO Bill Blake, with Barry Fitzgerald heading the product, IT, and innovation division. The team's extensive knowledge and expertise totals over 50 years of experience in aviation.
Cloudcards offers a range of unique software and project management services and also provides technical services to airlines and lessors.
“This recent investment ensures that Cloudcards remains at the forefront of the aviation software solutions market,” said CEO Bill Blake following the announcement.
“Over the coming 18 months, Cloudcards will aim to address all customer and industry requirements across the asset lifecycle, from asset purchase to retirement or sale.”
“Our trusted long-standing partnerships attest to Cloudcards' reputation and credibility within the aviation industry,” added Mr Blake.
Approximately 55% of the world’s commercial aircraft are leased with the vast majority either owned or managed by Irish entities.
The aircraft leasing market contributes almost €1 billion to the Irish economy and employs 10,000 people.