Equine MediRecord secures eight-figure US private equity investment
Posted on: 04 August 2022
Equine Technology company Equine MediRecord, initially nurtured by Tangent's student accelerator, LaunchBox, has closed an investment for an undisclosed eight-figure amount, thought to be just over €10 million. The company will use the investment to drive adoption of its equine welfare and anti-doping platform in Europe, North America and the Middle East. The company also plans to expand its growth and operations team.
The investment came from Chicago-based private equity firm Merit Holdings through their Inova Group Holdings platform, which also previously acquired Business Infusions, the largest equine veterinary software group in the world.
Business Infusions is the owner of a number of equine technology products including Hospital Veterinary Management System, Cassadol Equine and Signature Veterinary Practice Management Software. Equine MediRecord will also join the Business Infusions group.
Founded by Pierce Dargan, Simon Hillary and Finlay Dargan in 2016, Equine MediRecord is a previous winner (2017) of Trinity College Dublin’s hugely successful startup accelerator programme, LaunchBox, which is run by Tangent, Trinity’s Ideas Workspace.
(Left to right) Gavan Drohan, Head of Entrepreneurship at Trinity; Scott Pickard, Business Infusions President & Chief Executive Officer; Don Brooks, Business Infusions Chief Operating Officer; Pierce Dargan, Equine MediRecord Chief Executive Officer; Finlay Dargan, Equine MediRecord Chief Operating Officer.
Equine MediRecord is now headquartered on The Curragh, in Kildare, and has been supported by the Kildare Local Enterprise Office and Enterprise Ireland. The Equine MediRecord platform has gained a lot of international traction in Ireland, the United Kingdom, the United States and Saudi Arabia with clients such as the Breeders Cup World Championships, The Saudi Cup and the American Classic Preakness Stakes.
Pierce Dargan, Chief Executive Officer, Equine MediRecord, said:
“It’s great to be supported by Inova Group and Business Infusions and that they believe in our goal to promote equine welfare and anti-doping best practices by driving adoption of our Equine MediRecord platform. This funding will help us bring our platform to more horse farms and equine events ensuring equine welfare best practices are being adopted in Europe, North America, the Middle East and beyond.”
John Burke, Chief Executive of Merit Holdings, added:
“Equine MediRecord is a compelling network-based platform that is helping to transform and digitise the equine industry with a clear and quantifiable value proposition for trainers, events, associations, vets and the broader equine community, underpinned by a scalable cloud-based software platform and distinguished by a strong leadership team. We look forward to partnering with and supporting Pierce and Finlay Dargan and the broader EMR team to capitalise on the Company's significant growth opportunities to build the premier platform promoting equine welfare and anti-doping for decades to come.”
Scott Pickard, Chief Executive of Inova Group & Business Infusions, said:
“With the deep roots in the equine domain, Pierce and Finlay have solved a key problem for the ecosystem and they were a natural fit for our expansion plans as our first acquisition. EMR brings a unique perspective to our team and will further enable Business Infusions to grow globally and provide equine health solutions to this industry through technology integration. We are excited to have these talented leaders on our team.”
Gavan Drohan, Head of Entrepreneurship, Trinity, said:
“This year we celebrate 10 years of LaunchBox, Trinity’s student summer accelerator. We are extremely proud to have supported Equine MediRecord at the beginning of their entrepreneurial journey and we look forward to seeing the growth that this investment will support.”