Dublin-based security business Action24 has closed a second significant funding round which has raised €3m.
Action24 provides monitored intruder alarms, CCTV and access control solutions to over 20,000 residential and commercial customers. It has a workfore of 87 at its facility in Sandyford in Dublin.
The additional funds have been provided by BGF, the country's biggest growth capital investor.
BGF made an original investment of €3.6m in the company when it bought a significant minority stake in it in 2020.
Action24 is led by Aaron Mooney who took over as CEO in 2018. The company was founded in 1981 by Derek Mooney.
The latest funding round follows a period of significant expansion by the company.
Customer numbers have increased by over 50% since the first BGF investment in 2020 from about 13,000 to about 20,000.
It has also acquired a number of businesses, including Integral Security Limited and Wilson Security Systems, and last year it completed the acquisition of the security customer book of Smartzone.
"BGF has been a wonderful supporter of the business and they have provided us with the firepower which has enabled us to execute on our ambition," Aaron Mooney," the CEO of Action24 said.
"We believe there are significant opportunities to grow further in a consolidating market before we begin to explore potential opportunities in other markets," he added.
Action24 has said today that Gene Browne has joined the Board as a non-executive Director. Gene founded the City Bin Company in 1997 and ran the business for 25 years before its sale to Thorntons Recycling in 2023.
