It was announced today that Zeto, a Cork based technology firm, has received a €1.7m investment from Kernel Capital through the Bank of Ireland Kernel Capital Venture Fund.
As a result of this investment, 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.
The funding round includes commitments from Business Venture Partners (BVP) and Enterprise Ireland. Zeto is run by father and son, Michael and Stephen Slattery.
CEO of Zeto, Stephen Slattery commented, “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.”
Marketing Manager at Kernel Capital, Helen Norris added, “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.”