Banach Technology secures €2m in venture funding with Paddy Power executive approval

New industry software incumbent Banach Technology has secured €2.2 million in enterprise seed funding from investors including former Paddy Power co-founders David Power and Stewart Kenny.

The Dublin based start-up, seeks to revolutionise betting accumulator pricing and data, simplifying multi-bet market complexities for its B2C customers which include Coral, Paddy Power Betfair, BetBright and Ladbrokes.

“Banach have developed technology that will revolutionise and automate the same game multiples process. Our technology will empower customers in structuring a personalised bet consisting of correlated same game multiples.”

Banach products facilitate greater customer engagement, enhanced customer experience and improved operator margin across all channels” details Banach in its prospectus.

Banach is led by an enterprise team of four members; Mark Hughes (CEO), Rob Reck (MD), Alex Zevenbergen (CTO) and Hadrien Lepretre (COO).                                 

In its update Banach detailed that its funding round had been ‘significantly oversubscribed’, with the further former Paddy Power executives Patrick Kennedy and Cormac McCarthy investing in the company. A further noted investor in Banach enterprise is  Red Tiger owner and industry entrepreneur Nick Maughan

Securing its seed funding target, Banach management states that it will use the capital to expand its product development services, expanding its headcount from 12 to 30 staff members by the end of 2018.

Expanding its resources, Banach will move to hire quant mathematicians, software engineers and product development specialists.