Macmarts seeks up to €10m in VC funding to accelerate plans for spend management software

Macmarts developed SpendBooks in conjunction with a global healthcare group with operations in Ireland.

“Up until we started working with this Fortune 500 company, they would be issuing up to 2,000 purchase orders a month,” said Macmarts CEO Tony Frawley.

“To get approval on all those purchase orders can be extremely complex and time consuming – they were using spreadsheets and emails and the senior leadership team was meeting once a week to approve every purchase. Our software streamlines the enterprise process, saving time and money.”

While the software has been in use and development since 2017, Macmarts was only spun out as a standalone company in January.

“Since its inception, all the seed funding has been provided by Macnovate,” said Frawley. “We’ve only just started speaking to VCs. We’re looking to raise funding to accelerate our journey. Up until a year ago we were looking to grow organically – but now we recognise the time is right to raise some funding.

“We’re looking at anywhere between €2m to €10m. And €10m is the ideal to really accelerate plans. We are hoping in 2022 we will have secured funding and that will go towards job creation.”

The company employs nine people and has moved into a 10,000sqft head office in Limerick.

The technology is aimed at the pharma and medtech space.

“We’re talking to all the major players in Ireland who are trying to better manage their spend,” he said, adding that the pressure is on large companies to introduce efficiencies.

“We see ourselves as being the best-of-breed global project spend management player.”