Euro2.5m is raised by Web Firm

Irish Times, 22 Aug 2000

Pubxchange.Com, a Web-based business-to-business service for the catering industry, has secured £2 million (euro2.5 million) capital in a second round of financing.

It is believed the deal was funded by clients of Merrion Capital which has taken an unspecified equity stake.

The company, which had seed capital of £250,000 when set up earlier this year, offers a real-time stock ordering facility on its website on an annual subscription basis.

Its managing director, Mr Richard Finnegan, said PubXchange.com had a target of 3,000 customers by the end of 2001. The company planned to move into Britain, he said.

Suppliers currently testing the site include C & C Wholesale, Irish Distillers, Coca Cola, Beamish & Crawford and Tayto, he said. Outlets using the system include the Merrion Hotel in central Dublin, the Orwell Lodge in Rathgar and Harry Byrne's, Clontarf.

Bartrader, the pub co-op led by hotelier Mr Hugh O'Regan, entered tentative negotiations last May to buy PubXchange.com although a deal was never concluded.

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