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The Coindrum innovation is set to expand to new markets after the latest round of fund-raising |
IRELAND/INTERNATIONAL. Coindrum, an airport innovation that allows passengers to convert unwanted coins into airport retail vouchers*, has raised over US$2 million in its latest investment round, with notable contributions from some leading technology entrepreneurs.
As reported, the service launched at Dublin Airport last year and is the brainchild of Ireland-based German Lukas Decker (Founder & CEO), backed by Ryanair Co-Founder and Irelandia Aviation Managing Partner Declan Ryan.
Its recent third investment round received further backing from Ryan, as well as finance from Tom Kennedy of Hostelworld, Bobby Healy of CarTrawler, international investor and entrepreneur Nicole Junkermann, as well as Patrick Joy of Suretank.
Lukas Decker said: “The important quality about coins is not necessarily how much they are worth but that everybody has them and that they are perceived as an inconvenience. Our service solves this while speeding up security and measurably driving spend at the tills as a by-product.”
He added: “The funding round oversubscribed by 100% in under four weeks and we are thrilled to partner with the right investors for Coindrum. The funds will allow further pursuit of our aggressive scaling strategy by growing our team as well as expanding the company’s global footprint.”
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Coindrum Founder Lukas Decker (above) and with members of the Coindrum team at Dublin Airport (below) |
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According to Coindrum, the appeal of the model was underlined at Dublin Airport where some passengers deposited as much as €300 worth of coins to receive their free extra shopping credit through Aer Rianta International (ARI) stores.
ARI is now set to expand the service. Chief Executive Jack MacGowan said: “Coindrum is a great Irish innovation and the service is very much in line with the extra value we are looking to offer our passengers, as well as helping us to further optimise our retail operation.”
Coindum said its retail partners are seeing “a significant increase in the percentage of passengers that shop as a result of the service; expectations for the start-up are high”.
Ms. Junkermann, whose previous investments Songza and RelateIQ were acquired by Google and Salesforce respectively, said: “The beauty of Coindrum is in its simplicity and its international scalability. It’s one of those wonderful opportunities where you immediately think ‘why hasn’t anyone done this before?'”.
Hostelworld Co-Founder Tom Kennedy said: “Coindrum has addressed a problem common to all international travellers. The market for the application is global and the potential returns significant.”
Travel technology entrepreneur and Coindrum backer Bobby Healy added: “The concept, metrics and ambition of the team made this an easy investment decision. I believe this will be another great Irish success story in travel tech.”
*Coindrum provides a service in airports that allows travellers to dispose of their unwanted coins before leaving the currency area. The Coindrum machines in return issue a voucher for the airport shops which is worth 110% of the deposited coins.
