Irish tech unicorn firm Flipdish recorded post-tax losses of €2m last year, as it continued on its growth path.
According to new accounts for Flipdish Ltd, the firm’s €2 million losses for the 12 months to the end of last March were 32% down on the post-tax losses of €2.94 million for the prior year.
Numbers employed by the digital ordering platform company increased from 58 to 131 in the year under review and the firm announced plans last month to further increase headcount to 700 this year.
The firm last month became the State’s latest official homegrown ‘tech unicorn’ after a $100 million investment led by Chinese conglomerate Tencent.
The funding, which followed a $48.5 million investment from Tiger Global Management early last year, values the company at $1.25 billion.
lipdish, co-founded by brothers Conor and James McCarthy, is one of six Irish tech unicorns with the latest, Wayflyer to join the exclusive club earlier this month.
Founded only in 2015, Flipdish’s technology is used by over 7,000 customers in 25 countries across Europe, North America, the Middle East, and Australia.
Flipdish positions itself as an alternative to the likes of Deliveroo and Just Eat.
Tencent paid approximately $80 million for close to 8% of the business.
Last year’s investment by Tiger Global Management contributed to the value of the company’s share premium account increasing from €7.54 million to €27.54 million.
The company’s accumulated losses last year increased from €4.5 million to €6.5 million.
However, the investment by Tiger Global Management greatly strengthened Flipdish’s balance sheet in the 12 months under review increasing from €3.12 million in shareholder funds at the end of March 2020 to €21.2 million in shareholder funds at the end of last March.
The shareholder funds included cash funds increasing from €2.3 million to €20.5 million.
The firm last year received a Research & Development credit of €482,232 and this followed an R&D credit of €266,397 in the prior year.
Pay to directors last year increased sharply from €260,000 to €389,435.
A breakdown of the numbers employed shows that numbers in operations increased from seven to 27 while numbers employed in technology rose from 16 to 37.
Numbers in customer operations doubled from 13 to 26 and numbers in marketing increased five-fold from two to 10.
News credit: Breakingnews.ie