Macmarts, a provider of expense management software for large manufacturing companies, is raising up to 10 million euros to expand its business.
It was created by Limerick-based automation company Macnovate, which was founded by entrepreneur Michael McNamara.
Macmarts developed SpendBooks in conjunction with a global healthcare group operating in Ireland.
“Until we started working with this Fortune 500 company, they were issuing up to 2,000 purchase orders a month,” said Tony Frawley, CEO of Macmarts.
“Getting all those purchase orders approved can be extremely complex and time consuming. They used spreadsheets and email and the management team met once a week to approve each purchase. Our software streamlines the business process, saving time and money. »
While the software has been in use and developed since 2017, Macmarts only became a standalone business in January.
“Since its inception, all seed funding has been provided by Macnovate,” Frawley said. “We just started talking to VCs. We are looking to raise funds to expedite our journey. Until a year ago we were looking to grow organically, but now we recognize that now is the time to raise funds.
“We are considering between 2 and 10 million euros. And €10 million is ideal to really speed up the plans. We hope that in 2022 we will have secure funding and that will go to creating jobs.
The business employs nine people and has moved into a 10,000 square foot headquarters in Limerick.
The technology is aimed at the pharmaceutical and medtech space.
“We are talking to all the major players in Ireland who are trying to manage their spending better,” he said, adding that there is pressure on big companies to introduce efficiencies.
“We consider ourselves the best global player in project expense management.”
