Kernel Capital through the Bank of Ireland Seed and Early Stage Equity Fund has led a €400k investment in Cork Institute of Technology (CIT) based WaveBreak Media (“WaveBreak”), a leading producer of compelling visual content.The syndicated investment comprises of a €250k investment by Kernel Capital, with the remainder of funds provided by Enterprise Ireland. WaveBreak, which specialises in the production of still imagery, video footage, 3D animations and after effects files, today, announced one of the most significant milestones in its history with the sale of its 1 millionth image. Founded in 2006, by Sean Prior, WaveBreak now employs 20 people at its offices in the Rubicon Centre, CIT campus.
From left: Dawn Guiney, Kernel Capital; Sean Prior, CEO, Wavebreak Media; Peter Walley, Regional Business Manager, Bank of Ireland & Martin Corkery, Senior Development Advisor, Enterprise Ireland at the CIT Blackrock Castle Observatory, Cork.
The Company boasts a catalogue of over 100,000 stock media files which are sold through the Company’s website and via an extensive international distribution network of 60 agents including some of the industry’s largest distributors such as Getty Images and Corbis Motion. Clients include Dell, RTE, Fox Sports and MTV and the Company is currently experiencing average customer download rates of 40,000 times per month globally. WaveBreak will use the investment to increase its catalogue of royalty free super slow motion content and to support future recruitment plans.
“Kernel Capital is delighted to support dynamic Irish companies like WaveBreak Media in the fast-paced, ever-changing digital media space. The Company has a highly scalable product amenable to an international client base which is validated by its landmark figure of one million image sales worldwide,” said Orla Rimmington, Operations Director, Kernel Capital.
Commenting on the announcement, Donal Duffy, Head of Enterprise Ireland Relations, Bank of Ireland added: “Bank of Ireland are pleased to have made this additional investment in WaveBreak Media through the Bank of Ireland Seed and Early Stage Equity Fund managed by Kernel Capital. Since our initial investment, the firm has created more jobs, increased production and broadened its global distribution network; this follow-on investment is a demonstration of Bank of Ireland’s continued commitment to support ambitious, Irish companies like WaveBreak Media.”
Welcoming the announcement Enterprise Ireland’s new Regional Director for the South/ South East Region Enda McDonnell commented: “Wavebreak Media is exactly the type of innovative export-oriented company that Enterprise Ireland is keen to support. Based in Cork this young company plans to expand its team to 30 employees over the next 2 years. We look forward to continuing to work with the company to further develop their international expansion plans.”
According to Sean Prior, CEO: “We are very proud to reach this milestone of one million sales which is an excellent endorsement of our high-value product offering. This follow-on investment from Kernel Capital and Enterprise Ireland will enable us to further expand and diversify our product portfolio and move to the next levels of sales and employment.”
For further information please contact:
Orla Rimmington, Operations Director, Kernel Capital.
Tel: +353 21 4928974 / Fax: +353 21 4928977
