Mashup Ireland AB (publ) (the "Company"), the acquisitive Irish SME investor, has today announced the acquisition of 49.2% of Kerwex Human Resources Limited t/a Fettle (“Fettle”)
About Fettle.ie
Fettle has established itself as one of Ireland’s leading online therapy platforms for consumers, led by CEO Jordan Casey (https://www.linkedin.com/in/jordan-casey-entrepreneur/) who is supported by over 70 contracted mental health professionals.
Founded in 2021 against the backdrop of Covid-19 lockdowns, the business has facilitated over 28,000 therapy sessions, delivering on its mission to provide accessible high-quality mental health support to individuals across the country.
After a period of stabilization and focus on cost rationalization since 2023, the business became EBITDA positive each month from Aug to Oct 2024 (run rate EBITDA based on the last 3 months is €18k pa).
Exciting growth opportunities for Fettle include (a) accelerating the growth of its D2C market in Ireland, (b) expanding the number of corporate clients it supports and (c) expanding into the UK.
Former and existing partners of Fettle include CPL, X (formally Twitter), Irish Rail, Alone and Norton. CPL is a global provider of recruitment & talent solutions - in 2022 they reported revenue of €719 million (8.3bn SEK).
Comment from the CEO of Mashup Ireland AB
“I am delighted to announce that Fettle has become part of the Mashup Ireland family with this acquisition of a 49.2% shareholding at no cost to Mashup Ireland AB. We very much look forward to continuing to support Jordan with Fettle’s exciting growth plans by bringing some of the advantages of a stock market listing to the business, without the associated costs, in keeping with our strategy of being a value-added investor in Irish SMEs and active supporter of Irish entrepreneurs”.
Andy Byrne, CEO
For additional information, please contact
Jamie Walsh, CFO
Phone: [+353] 85 871 9756
E-mail: investors@mashupireland.com
Mashup Ireland AB’s Certified Adviser is Mangold