The AIB Seed Capital Fund, co-managed by Enterprise Equity Venture Capital, has completed an equity investment of €500,000 in Dublin-based interactive game and book publisher Ideal Binary. The investment was made in a fundraising round which totalled €750,000, with Enterprise Ireland contributing the remaining €250,000.
Founded in 2008 by brothers and games industry veterans Aidan and Kevin Doolan, Ideal Binary produces has to date published a series of 3D pop-up books based on fairy tales written by the Grimm Brothers.
The reader can interact with the story by playing with screen elements and games or viewing scenes from different perspectives.
Barry O’Neill, chief executive of Ideal Binary, said: "The children’s interactive entertainment sector is highly competitive at a global level and this investment will help ensure that Ideal Binary has the resources to compete as a tier 1 player in this exciting and innovative sector. We are also expanding our workforce in Dublin and will be adding at least ten new positions over the next six months across creative, production, technology and marketing functions."
Frank Walsh, partner, Enterprise Equity Venture Capital, said: "The AIB Seed Capital Fund has multiple investments in the games space; both in technology and content generation. This appetite for investment reflects our confidence in the space where we think Ireland has a strong competitive advantage. It’s also an area that is receiving significant support from the government, through Enterprise Ireland, and we are keen to leverage that support."
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