Irish betting software group Banach Technology has received €2.2 million in enterprise funding from investors, two of whom helped found the betting group Paddy Power.
Paddy Power co-founders David Power and Stewart Kenny invested €200,000 and €100,000 each, and several other former Paddy Power executives got in on the money. Former CEO Patrick Kennedy, CFO Cormac McCarthy, and Australian head Cormac Barry all also bought equity in the company.
Banach will use the funding to help expand its developmental products as well as hire staff members, primarily engineers, development specialists, and mathematicians. The group builds sportsbetting platforms that allow punters the chance to build bets on a variety of different sports. The company's platform covers more than 80,000 events annually. The company has worked with Ladbrokes Coral, GVC Holdings, and of course, Paddy Power Betfair. Banach's current executive team includes Alex Zevenbergen, Mark Hughes, and Hadrien Lepretre, all of whom worked at Paddy Power in the past.