Connected newsletter: It’s up, up and away for the latest batch of tech IPOs
Connected at the Business Post is your source for the news that matters in technology and innovation, all told from an Irish perspective
Tech IPOs are back with a vengeance it would seem, judging by the recent successful listings for Arm, Instacart and Klaviyo.
After Arm floated on the Nasdaq at a whopping $54.5 billion valuation last week, it was Instacart’s turn in the spotlight. The grocery delivery app gained 12 per cent on its valuation on Monday; it is one of the biggest companies to go public in the last two years, raising $600 million.
Two days later Klaviyo, a marketing and data automation provider, was at it, with its share price gaining 9.2 per cent after raising $576 million.
Revolut made the headlines several times this week. It announced “dozens” of new jobs locally as its prepared to launch mortgages. Also, in what is becoming a bit of a habit, it delayed publication of its annual report again.
Talking of the fintech, Synch, the mobile payments app backed by the big Irish banks whose aim is to thwart the success of Revolut, is seeking to bypass authorisation by the financial regulator.
This initiative has, quite frankly, been a disaster from the get-go. Having been delayed over competition concerns, the banks subsequently received the go-ahead to proceed providing they allow other companies, such as um, Revolut, to join should they wish.
Microsoft was also in the news this week amid reports it is nearing Apple’s market cap, and after its chief product officer said he was stepping down. Closer to home, it was revealed the tech giant is planning a new data centre in Co Kildare.
Staying with data centres, Amazon Web Services (AWS) this week received planning permission for three of them in Dublin, despite objections.
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Finn Murphy, a former partner at Irish VC firm Frontline Ventures, told Businesspost.ie this week that he is eyeing more Irish companies to back, after making his first initial investments under a new fund.
In other funding news, Openvolt, a smart energy tech company co-founded by Stripe’s former Ireland site lead Don O’Leary, and Dave Curran, announced a €1.5 million pre-seed raise. Kayna, a Cork-based insurtech business led by tech veterans Paul Prendergast and Peter Bermingham, also secured investment, as did Micron Agritech.
Setforth, a London and Dublin-based software company led by former N26 chief operating officer Adrienne Gormley, was acquired this week.
Elsewhere, CitySwift, a firm that provides data-driven scheduling and planning technology for public transport companies, said it has been signed up by Translink for use across the entire Belfast bus network.
In other news, the government abandoned plans to introduce teacher-based assessment for the Leaving Cert, due to the potential impact of generative artificial intelligence (AI).
Tried Google’s ChatGPT rival Bard yet? No problem if not because Google is putting its generative artificial intelligence directly into many of its most popular products, including Gmail, Maps and YouTube.
Connected magazine returns this weekend in print and online with a host of great features on everything from data breaches, e-bikes, digital marketing dilemmas, AI and the future of jobs, and the ultimate smartphone guide.
All the best
Charlie
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