Kernel Capital is part of a €500,000 investment in Dublin-based Tapastreet, a location-based photo and video discovery platform for mobile devices.
The investment comprises of a €250,000 investment by Kernel Capital through the Bank of Ireland Seed and Early Stage Equity Fund with the rest of the funds coming from Enterprise Ireland.
Research suggests that the number of worldwide social network users will climb to 1.73 billion this year and one in three - 2.55 billion people - could be using social media networks by 2017.
Founded last year by ex-Intel engineer Joe Mitchell and ex-Google employee Dave Johnson, Tapastreet unveiled its applications at TechCrunch Disrupt 2013 in San Francisco earlier this month.
The company allows users to see and share what is currently happening at any location worldwide by accessing real-time media uploaded to popular social networks.
''Kernel Capital is pleased to partner with this Irish startup as they continue their journey to building a more connected and informed global society," commented Ger Goold, a partner at Kernel Capital.
''Tapastreet is an innovative business that has the potential to be a game-changer for mobile content discovery. Entrepreneurial companies like this are hugely important to the Irish economy and we look forward to working with them as they grow their business,'' said John O’Dea, High Potential Start Ups Manager at Enterprise Ireland.
