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Cape Clear : Only a billon to go then

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Cape Clear has broken cover with its latest investment round of USD$15m. The latest partners to invest are InterWest one of the Silicon Valley Sand Hill mob. As Annrai is reported to have said in 2005 in the Sunday Business Post,

“When I joined Cape Clear, I gave a ten-year commitment to really build something large,� he said. “Building a billion dollar company revenue-wise would put Ireland on the map, and we have aspirations of that dimension.�

So only a billion to go then Annrai :-).

From what I gather on the web and my own sources Cape Clear total investment to date is broken down as follows,

  • 2 Million in seed funding from ACT in 2000
  • 16 million in Series A funding from Accel and Greylock in 2001
  • 10 million in Series B funding from Accel and Greylock 2003
  • 5-10 million: A phantom series C round raised as a set of warrants amongst existing investors. It was never press released and their is no mention of it on the net.
  • 15 million in a series D round in the last few weeks with InterWest

So we can guess that the total investment is at least USD$48m and may be significantly more.

Thats a lot of money for a bit player in the web services/SOA/ESB market place. Even at a preference multiple of one they would need to make USD$100million in a trade sale before any of the common stock holders see a dime.

Answers on a post card for the last Irish company to make a trade sale exit that netted more than $100m…

Disclosure: I was Director of Engineering at Cape Clear from 2000 to 2003 and I have (common) stock in the company.

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Written by Joe

April 25, 2006 at 4:24 pm

Posted in Uncategorized

2 Responses

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  1. […] I’ve dealt some digs out to the Cape in the past, but this report from Silicon Republic seems to indicate some serious sales growth. According to the latest Gartner Dataquest report on application integration and middleware (AIM), Cape Clear holds 18.9pc of the north American ESB market and has experienced revenue growth numbers of 86.7pc. Worldwide, Cape Clear captured 15.9pc of the market. […]

  2. […] is this a portfolio consolidation on the part of Greylock?  Given the level of investment over the years (sine 1999)and the fact that its really an internal private acquisition by another startup […]


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