Action24 closes €3 million funding round

Dublin-based security business Action24 has secured €3 million of new investment from BGF. This follows a €3.6 million funding round, completed by BGF in 2020 for a minority stake in the business.

Action24 provides monitored intruder alarms, CCTV, and access control solutions to over 20,000 residential and commercial customers nationwide. Derek Mooney founded the company in 1981 and, together with his business partner, Pat Maloney, built it into one of Ireland’s leading electronic security businesses.

Today, Action24 is at the forefront of technological innovation, using cutting edge software from Alarm.com to power its alarm monitoring service, and employs 87 staff at its state-of-the-art facility in Sandyford, Dublin. It is now led by Aaron Mooney, who took over as CEO in 2018.

“BGF has been a wonderful supporter of the business, and they have provided us with the firepower which enabled us to execute on our ambition. We believe there are significant opportunities to grow further in a consolidating market, before we begin to explore potential opportunities in other markets.”

Aaron Mooney, CEO of Action24

The company’s latest funding round follows a period of significant expansion. Customer numbers have increased by over 50% since BGF’s initial investment in 2020 (from ~13,000 to ~20,000). It has also acquired a number of other businesses, including Integral Security Limited, Wilson Security Systems, and Smartzone.

“It’s been an exciting period of organic and acquisitive growth for Aaron Mooney and the team at Action24. Our ability to support portfolio companies as they grow is an important part of BGF’s minority investment approach, and we’re thrilled to be supporting the business on this exciting next phase.”

Lauren Sharpe, Investor at BGF Ireland

Action24 also announced that Gene Browne has joined its Board as a Non-Executive Director. Gene founded the City Bin Company in 1997, running the business (which provided waste collection services to over 50,000 retail and commercial customers) for 25 years, culminating in its sale to Thorntons Recycling in 2023.