Losses at Kinzen, the Dublin-based media start-up snapped up by Spotify, narrowed to €711,593 last year as the business continued to expand.
Kinzen was founded in 2017 by former RTÉ Primetime presenter Mark Little, Áine Kerr and Paul Watson.
Last week, music streaming service Spotify announced the purchase of the firm with the terms of the deal not disclosed.
New accounts lodged with the Companies Office show that Kinzen Ltd recorded post tax losses of €711,593 in the 12 months to the end of October last year, which represents a €305,939 or 30 per cent reduction on the post tax losses of €1.017 million in 2020.
Kinzen’s partnership with Spotify began in 2020. Our aligned vision of online safety led to a deeper relationship, and to a decision we are proud to announce today: that Kinzen has been acquired by Spotify. Read more here: https://t.co/ifiSWuxgz8
— Kinzen (@wearekinzen) October 5, 2022
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Kinzen provides data and research to trust and safety professionals, content moderators and public policymakers, helping them stay ahead of threats such as dangerous misinformation, hateful content, violent content and violent extremism online.
The company’s shareholder funds last year reduced from €702,349 to €444,887.
The company’s balance sheet benefited from €170,545 in the firm’s share based payment reserve and share premium account increasing from €3.2 million to €3.5 million.
The firm’s cash funds more than doubled rising from €494,229 to €1.22 million.
Some of the early backers of the company have been Enterprise Ireland and tech entrepreneur Ray Nolan.
Addressing the loss, a note states that the directors have prepared cash flow projections which demonstrate that there are no material uncertainties regarding the company’s ability to meet its liabilities as they fall due and to continue as a going concern.
During the Covid pandemic, Kinzen was hired by the Department of Health to monitor and advise on the spread of misinformation about the pandemic and on efforts to curb it.
Former Irish Independent journalist and Facebook employee Ms Kerr and former chief executive of Storyful Mr Little owned over half of Kinzen before the sale to Spotify, with Mr Little the largest shareholder.
