BANK OF IRELAND KERNEL CAPITAL VENTURE FUNDS
Infinity Capital & Private Investors Invest Bank of Ireland Seed & Early Stage Fund Divests
Cork Ireland, 29 May 2015:
In line with Kernel Capitalís portfolio divestment program for the 2009 Bank of Ireland Seed and Early Stage Fund, Kernel Capital has facilitated investment of up to Ä1.6m in Wavebreak sourced from Infinity Capital and private investors while simultaneously divesting its Fundís interest in the Company. Under the terms of the deal The Bank of Ireland Seed and Early Stage Fundís Ä650k investment has been repaid in cash with a significant premium. Since the Bank of Ireland Seed and Early Stage Fundís initial investment in 2010 the Company has grown from 4 to 32 staff. Infinity Capital are investors in a number of Bank of Ireland Kernel Capital Venture Funds portfolio companies. The Company was advised by Pegasus Capital.

"We greatly appreciate the all the support and value-add over the past 5 years from Kernel which has been critical to Wavebreak's success in establishing us as a global leader in our market."
Sean Prior, CEO, Wavebreak Media

"It's been a pleasure to partner with Wavebreak and Sean and to support their hard work, innovation and growth over the period. This is another example of our early stage Fund enabling an indigenous Irish startup to develop into a global industry player of scale."
Dawn Walsh, Marketing Manager, Kernel Capital

Kernel Capital has supported Wavebreak to grow its business rapidly with over 40% year-on-year revenue growth. Today it has established a global presence in the stock media industry with partners including Getty Images and Shutterstock. The Bank of Ireland Seed & Early Stage Fund is supported by Bank of Ireland, Enterprise Ireland, University of Limerick Foundation and NUI Galway Foundation and is actively divesting. Kernel Capital is an active investor through the recently established ĎBank of Ireland Kernel Capital Growth Fundsí, targeting equity opportunities in the Ä1m to Ä5m range (or larger in syndication) across the Island.

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For further information please contact:
Dawn Walsh, Kernel Capital.
Tel: +353 21 4928974
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