Limerick-based Mavarick announced as Overall Winner of Annual InterTradeIreland Seedcorn Competition
Mavarick has been announced as the overall winner of the InterTradeIreland Seedcorn Investor Readiness Competition, walking away with a cash prize of €100,000 to invest in their business. The Limerick company has developed a platform that generates real-time information to help manufacturers make better decisions to achieve additional capacity, reduce machine downtime and increase profitability.
Seedcorn is the largest business competition of its kind on the island of Ireland with an overall cash prize fund of €300,000. Designed to help start-ups and early-stage businesses get investor ready, the competition provides participating companies with the opportunity to improve their investment pitches, get expert feedback on their business plans and gain exposure to venture capitalists, business angels and some of the island’s leading industry experts and entrepreneurs.
The competition’s Sustainability/Low Carbon Award and its €20,000 prize was also awarded to Mavarick, as recognition of the best investment proposal from a company operating in the low carbon/green sector.
Dr Paul Byrnes (pictured right), Mavarick, Chief Executive and Co-Founder, said: “We are absolutely delighted to be announced as Overall Winner of InterTradeIreland’s Seedcorn 2023, Best New Start, and Sustainability/Low Carbon Award. The InterTradeIreland Seedcorn competition is a fantastic all-island initiative, and it is great that they are recognising companies for their work on sustainability and carbon reduction innovation. The competition has been an invaluable experience and we have learned a lot about the investment process that will really help us in the next stages of our business plans. Mavarick is a company founded by second-generation manufacturers, and we look forward to continuing to help manufacturers balance sustainability and productivity.’”
Galenband has also been announced as the Best New Start/Best Early Stage Category Winner, pocketing a cash prize of €50,000 at the awards ceremony. The Ballina company is developing a diagnostic heart telemetry system worn on the left arm, replacing invasive and expensive surgically implanted heart monitors that are presently the only options for long-term monitoring. Galenband will allow the application of treatment much earlier than has been conventionally possible, reducing stroke rates.
Oisín McGrath, Co-Founder and Chief Executive of Galenband, said: “Winning the Best Early Stage company at the InterTradeIreland All-Island final is a testament to the work our team has done to place the company in an investor-ready position. Our groundbreaking cardiac telemetry device, Galenband, will make a tangible impact on healthcare by contributing to reductions in stroke, and this win will open doors for us as we raise our seed round to support key product and regulatory milestones on our journey to market.”
TiLT Roleplay walked away with the €10,000 Special award, which is presented each year to the best venture stemming from a university spinout or a recognised support programme. Based in Trinity College Dublin, TiLT has developed innovative digital roleplay training that improves and measures diversity and inclusion (D&I) performance within organisations. It hopes to expand globally in the next 12 months.
Congratulating the winners, Margaret Hearty (pictured left), Chief Executive at InterTradeIreland, said: “The diverse range of companies participating in this year’s InterTradeIreland Seedcorn competition has been a testament to the vibrant entrepreneurship ecosystem on the island of Ireland. Year-on-year, the competition attracts start-up and early-stage companies that are at the cutting-edge of their industry and this year has been no exception.
“Across both the ‘Best New Start’ and ‘Best Early Stage’ categories it has been fascinating to once again see new companies participating from a range of business sectors, but also emerging companies who are leading the way in areas such as sustainability, digitalisation and inclusion in the workplace. This year’s overall winner, Mavarick, epitomises the very best of what companies across the island of Ireland have to offer and we are proud to support them at this early and important stage of their development. On behalf of all of us at InterTradeIreland, I wish all companies who took part in this year’s Seedcorn competition the very best of luck with their business growth and future ambitions.”
This year’s Seedcorn final was contested by eight regional finalists from across the island of Ireland. As part of the process, the finalists presented their investment pitch to a panel of judges including Richard Kennedy (InterTradeIreland), Denise Sudhu (Kernal Capital / IVCA), Gianni Matera (Growing Capital), Caroline Gaynor (Lightstone VC) and Alan Costello (Resolve Partners).
Seedcorn Prize Winners:
- €100,000 – Overall Winner – Mavarick
- €50,000 – Best Early Stage Category Winner – Galenband
- €10,000 – Special Award – TiLT Roleplay (best venture stemming from a university spinout or a recognised support programme)
- €20,000 – Sustainability / Low Carbon Award – Mavarick (Best investment proposal from a company operating in the low carbon / green sector)
- €20,000 – Regional Winners:
- Dublin – Brace (Best New Start), and Electric Vehicle Ecosystems (EVE) (Best Early Stage)
- Leinster Connacht – Omuu Petfood (Best New Start), and Galenband (Best Early Stage)
- Munster – Mavarick (Best New Start), and Neurobell (Best Early Stage)
- Neurodiversity Training (Best New Start), and Ilimex (Best Early Stage).
