Clearco, the world’s largest ecommerce investor and the company revolutionizing the way founders grow their businesses, today announced that it is continuing to build on its commitment to democratize access to capital and expand into growing global markets with the introduction of its signature equity-free capital funding product to Irish founders and entrepreneurs. The company plans to invest €100 million into digital-first Irish businesses, as it continues to support the 15+ % growth predicted in the Irish economy in 2022*. 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. The company currently has operations in The USA, Canada and Australia as well as The UK, Ireland, The Netherlands, and The Netherlands.
As part of the company’s continued growth and expansion, an International sales and business development hub has been created in Dublin to help bolster and enable Clearco’s growth plans across Europe, North America and Asia Pacific in 2022. The company currently employs 75 people in this facility and plans to increase that number by 125.
Clearco is currently a global leader and pioneer in the ‘revenue-based funding’ sector. The company’s technology combines AI and data science to offer fast and affordable funding in the form of non-dilutive capital for ecommerce businesses without personal guarantees, as well as other services beyond capital. This company is an alternative to traditional venture capital. It provides inventory financing, access to a global network of founders, and insights and valuation tools that ensure its founders’ success.
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 7000+ 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.
Clearco is having an undeniable impact on the global world of business as it literally “changes the face” of investing. Clearco’s proprietary algorithm is gender-, race and location-independent, making it unique in the world for its ability to foster entrepreneurship outside traditional networks and startup centers. Clearco’s current data and insights highlight its commitment to serving underserved communities. Today Clearco funds 25x more women when compared to traditional VC’s. Currently, a staggering 50% of the businesses in the company’s global portfolio is led by women.
Clearco UK has 70% of its funding going to businesses outside 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. Clearco believes that the Irish market will show the same trends as the US and hopes to be able help fund previously underserved communities.
Clearco Michele Romanow, Co-Founder and CEO “Clearco is excited to bring our revenue-based funding model to Irish founders. Ireland has one of Europe’s strongest economies and a dynamic start-up sector. We are optimistic that we can make a positive impact on Ireland’s ecommerce sector. Clearco is delighted to set up an International Sales Center in Ireland to help us grow in the EMEA. We’re impressed by the talent and tech skills here and I look forward to building the team to serve our growing customer base.”
Ruma Bose, Chief growth officer of Clearco stated “We are excited to help democratize founder funding to support the many exceptionally talented and innovative businesses in Ireland and across the globe. Our technology eliminates biases that could impact funding decisions. We look forward to continuing to work with European founders of all ages, genders, races and regions to furnish them with access to capital and data and insights to help them grow their businesses.”
An Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar TD said “It’s a pleasure to welcome Clearco to Ireland and I’m really happy the team has chosen Dublin as the company’s location for its new Global Sales Hub. 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. It’s a great boost to the company that 125 jobs were created. Congratulations to the team and the very best of luck with the expansion.”
Michael McGrath TD, Minister for Public Expenditure Reform, met with the CEO of the company in Dublin. “Today’s announcement by Clearco is yet another vote of confidence in Ireland’s financial services sector which has performed remarkably well in recent years. It is also a vote of confidence for the wider Irish economy and I am delighted to see that the company plans to invest €100 million in digital-first Irish businesses. Clearco’s decision is further evidence of Ireland’s continued ability to attract foreign direct investment by global leaders across a range of sectors . This type of investment is possible because Ireland has an entrepreneurial and well-educated workforce. I wish Clearco the very best in this exciting new endeavour and I would also like to commend IDA Ireland for its outstanding work in promoting Ireland around the world.”
Martin Shanahan is the CEO of IDA Ireland. “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 the ideal place for Clearco to expand and grow its products and services in Europe, and new markets. I wish them every success here.”