Kernel Capital through the Bank of Ireland Kernel Capital Venture Funds have led a €1.7m investment in Zeto, a Cork based technology firm established by father and son, Michael and Stephen Slattery. The firm developed and sell cloud based software for wireless management of commercial refrigeration systems. Following this funding round which includes commitments from Business Venture Partners (BVP) and Enterprise Ireland, the company have secured a major commercial contract with Lidl Ireland. Zeto’s software is now deployed across Lidl’s 182 Irish stores, where it monitors 8,000 pieces of equipment and provides 2.25 million real time data points for Lidl Ireland each day.
Aoife Clarke, Head of Public Relations Lidl Ireland said:
“Zeto’s platform adds real value to our business as it provides us with the most up to date technology to monitor temperatures and guarantee quality in the supply chain. It will enable us to safeguard stock in the event of issues with the refrigeration equipment and highlights inefficiencies that may become problematic in the future. Moreover as a retailer who is deeply rooted in communities all over the island of Ireland, Lidl is delighted to work with innovative Irish companies such as Zeto and further support Irish Jobs.”
Stephen Slattery, CEO Zeto added:
“We are delighted to have received this round of investment and combined with Lidl’s forward thinking it has presented Zeto with a great opportunity. Lidl, through Zeto, have now installed one of the most comprehensive refrigeration management systems to be found in any supermarket chain, globally. The Bank of Ireland Seed & Early Stage Equity Fund and all our investors have been hugely supportive over the last number of years. With their help, and with clients of the calibre of Lidl we remain on track to create in the region of 35 high value job in Cork over the next 3 years.”
Commenting on the announcement Helen Norris, Marketing Manager Kernel Capital said:
“Stephen, Michael and the team at Zeto are superb to work with and we are delighted to have made this investment. Securing the Lidl contract is a game changer for Zeto demonstrating that they are significant player in the commercial refrigeration market, providing a mission critical application to one of the world’s leading retailers. Lidl’s lead in supporting innovative Irish companies is role model for other large corporations to follow.”
Kernel Capital is an independent manager of the Bank of Ireland Kernel Capital Growth Funds, comprising of £165m / €210m of funds raised through six separate venture capital funds in the years 2002, 2006, 2007, 2009, 2013 and 2015. These Funds are supported by Bank of Ireland, Invest NI, Enterprise Ireland, University of Limerick Foundation, NUI Galway Foundation and New York State Common Retirement Fund. Kernel Capital is actively investing through the Bank of Ireland Kernel Capital Growth Funds targeting deal size for Kernel Capital’s element in the region of £0.5m to £2m in NI and €1m to €5m in the ROI, either as sole investor or larger deal size in syndication. These 10 year Growth Funds were raised in 2013 and 2015 and invest in Northern Ireland and the Republic of Ireland respectively. Invest NI’s investment in the Bank of Ireland Kernel Capital Growth Fund is part financed by the European Regional Development Fund under the EU Investment for Growth and Jobs Programme 2014-2020. Kernel Capital is a MiFID regulated firm.
Zeto uses wireless sensor networks and cloud technologies to ensure Lidl’s refrigeration equipment is operating and maintained to the highest of standards. Zeto are able to provide Lidl with actionable data that they can use to ensure quality in their cold chain.