ClaimVantage secures €2m in EIIS funding

ClaimVantage, established in 2005 and based in Sandyford, has secured €2m in funding from an EIIS fund managed jointly by Davy and BDO. The investment choice would seem to be a safe enough bet for the fund participants, as ClaimVantage Corporation Ltd booked a net profit of €625,000 in 2015 and had a year-end net worth of €3.2m on the back of €250,000 equity invested. The venture was helped on its way in the early days by taxpayers, with ClaimVantage tapping Enterprise Ireland on four occasions for a total of €560,000.

Led by CEO Leo Corcoran, ClaimVantage provides automated, cloud-based Life and Income Protection claims management solutions to insurance companies and third-party administrators, and has a second office in Portland, Maine.