AIDAN Corbett and Jack Pierse, the founders of Dublin-based technology company Wayflyer, have achieved unicorn status.
Wayflyer, founded in 2019, provides online businesses with affordable unsecured loans to facilitate ad funding and pre-sale inventory.
The startup was the fastest to hit the award after hitting a $1 billion valuation in just two and a half years.
Wayflyer is currently valued at 1.4 billion euros after a recent fundraising, raising 134 million euros from investors.
Not only are Mr Corbett and Mr Pierse looking to expand their company across Europe and Asia, but they also hope to create new roles, including jobs in Ireland, in the process.
Wayflyer – operating April 2020 – now has more than 800 customers across 11 countries and employs 250 people between Dublin, London, New York, Atlanta and Sydney.
Talk to Irish TimesThe company’s chief executive officer, Mr Corbett, said it hopes to use some of the funding to double staffing to 500 within the next six to nine months.
He said that while the co-founders hold a significant stake in Wayflyer, they encourage employees to invest so that “everyone is an owner”.
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“We still have a substantial stake, but we also incentivize employees with stock options so that everyone in the company is an owner,” Mr. Corbett said.
“We aim to be generous on scale with this. Obviously you’re going to be diluted when it comes to fundraising but it’s worked out well for us.”
Commenting on being a unicorn, he added: “Honestly, it’s probably a bigger boon for Ireland Inc than for us. It sends the message that Irish entrepreneurs can create unicorns. unicorn from Ireland”.
There are now a total of six Irish unicorns: Intercom; Labor; Fenergo; LetsGetChecked; Flipdish and Wayflyer.
The all-equity round is co-led by DST Global and QED Investors.
They were joined by three new investors: Prosus; Madrone Capital Partners and JP Morgan.
Existing investors Left Lane Capital and Checkout. com founder Guillaume Pousaz also joined.
Dublin-headquartered Wayflyer experienced strong growth last year, with cash advances increasing by more than 900% year-on-year and headcount growing from 40 to 250.
In 2021, Wayflyer expands into new markets including Spain and the Netherlands, opening an office in Atlanta and forming partnerships with Adobe, Sezzle and eBay UK.
Mr. Corbett quickly rose through the ranks in the world of e-commerce, leaving his days as a Civil Servant at the Department of Communications, Maritime & Natural Resources.
UCC graduates have climbed to the top with the help of co-founder Mr Pierse, who tutored the university and left students with certificates in Applied Mathematics, Mathematics and Accounting at the university. Dublin area.
https://www.thesun.ie/money/8298573/wayflyer-maths-tutor-civil-servant-founders-billion-ireland-unicorn/ We teach math and work in the Irish civil service