Cloudcards CEO Bill Blake. Image: Shane Joyce
Headquartered in Limerick, Cloudcards will use the investment to double it headcount as it plans to build an aviation software ecosystem over the next 18 months.
Irish aviation software business Cloudcards announced today (22 June) it has raised €1.4m in an equity funding round that will help the company double its headcount from 10 to 20 employees.
The investment, which brings the total funding raised since 2016 to €5m, will also support the Limerick-headquartered company to further develop its software platform.
Founded by brothers Barry and Brian Fitzgerald a decade ago, Cloudcards now manages around €8bn in client assets through its platform and expects this figure to exceed €30bn within the next five years. The platform itself provides aircraft owners with cloud asset management software that helps them take care of legal, financial and technical needs.
Notable customers include Irish and international aircraft lessors Air Transport Services Group, Avmax, World Star Aviation, CMIG Aviation, SMBC Aviation Capital, Formidion Aviation and BBAM.
Cloudcards CEO Bill Blake said the latest investment will ensure the company remains competitive in the aviation software market. “Our focus will be on strengthening the software development team as well as evolving our product roadmap to deliver a comprehensive aviation platform for aircraft owners to cover all essential software requirements for managing aviation assets.”
A majority of the world’s commercial aircraft are leased, with many owned or managed by Irish entities. According to Cloudcards, the aircraft leasing market contributes around €1bn to the Irish economy every year and employs approximately 10,000 people.
The Fitzgeralds hope to tap into this market further with an aviation platform software ecosystem that it plans to realise over the next 18 months. It aims to address all customer and industry requirements across the asset lifecycle, from asset purchase to retirement or sale.
“We pride ourselves on the ability to be able to rapidly customise products to meet the individual needs of customers, while maintaining a dynamic and flexible company culture,” said Blake.
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