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ISIF invests €10m in Dublin eyecare software developer to target expansion in Europe and North America

ISIF invests €10m in Dublin eyecare software developer to target expansion in Europe and North America

  • - €10m commitment from ISIF’s Pandemic Stabilisation and Recovery Fund to Ocuco, with a subsequent €5m commitment planned
  • - Ocuco develops software for optical retailers and lens manufacturers
  • - Ocuco has 300 staff and offices in 14 countries; ISIF investment will support R&D and product development. Ocuco expects to create up to 25 new jobs at HQ in Blanchardstown

11 July 2021

The Ireland Strategic Investment Fund (ISIF) has today announced a €10m commitment to Ocuco, an Irish technology company that provides software to independent and major optical retail chains and lens manufacturers across European, North American and Asian markets.

The commitment, from ISIF’s dedicated Pandemic Stabilisation and Recovery Fund (PSRF), will support continued research and development (R&D) and product development at Ocuco’s global headquarters in Blanchardstown, with the creation of up to 25 software developer roles expected. ISIF’s support will help to build out the next generation of Ocuco’s cloud-based clinical and optical retail practice management systems. Ocuco’s software products enable optical retail and optical lens manufacturing customers to enhance business and practice efficiency and deliver patient care.

ISIF expects to commit a total of €15m to Ocuco, comprising this initial €10m commitment and a subsequent planned commitment of €5m within 24 months.

The commitment to Ocuco is in line with the PSRF strategy of supporting Irish companies to recover from the effects of COVID-19 on businesses. Prior to the COVID-19 pandemic, Ocuco had experienced strong growth in revenue and profitability and the PSRF investment will support the company’s return to a normalised trading environment.

Fergal McAleavey, Senior Investment Director, ISIF said:

“ISIF has a double bottom line mandate to invest on a commercial basis in a manner designed to support economic activity and employment in Ireland. This investment is a great example of that mandate in action while also supporting an indigenous software company to recover from the effects of the COVID-19 pandemic on business. It is encouraging that the creation of up to 25 jobs is expected as a result of ISIF’s backing.”

Leo Mac Canna, founder and CEO, said:

“Following the disruption caused by the pandemic on all industries exposed to retail trade, we are delighted to be in a strong position to invest in the future, both for our staff and for our customers which include independent opticians and some of the world’s largest optical retail chains. We believe that the eyecare industry must move online to compete in the future and meet customer demand. The next generation of our products are designed to meet this shift towards mixed provision of eyecare services both online and on premise.”

Ocuco has grown both organically and through acquisition to over €35m in revenues and 300 staff based across 18 offices in 14 countries. With software in over 10,000 sites across 80 countries, over 50% of its sales are in North America. The company, which has acquired over 15 companies over the last decade, intends to resume its acquisition programme as opportunities arise.