One hundred Northern Ireland companies have now benefitted from investments totalling over £42 million through Co-Fund NI since the programme began in 2011.
Co-Fund NI is part of Invest Northern Ireland’s Access to Finance suite of funds and a partner of the Regional Angel Programme, delivered by British Business Investments.
The fund co-invests alongside Business Angels and other private investors in deals typically valued between £150,000 and £2m. Co-Fund NI is managed by Clarendon Fund Managers.
The first company to benefit from the fund in 2011 was Cirdan Imaging Ltd. To date, Co-Fund NI has provided close to £43M in funding to Northern Ireland businesses, alongside £285M in private investment.
The 100th company to secure investment from Co-Fund NI is Belfast-based IT firm Kinsetsu. Securing a total of £1.55m, this funding round was led by Par Equity alongside Business Angels, supported by a £300,000 investment from Co-Fund NI.
Founded by Jackie Crooks and Joanne O’Doherty, Kinsetsu is a global software and IoT company that provides innovative sensor-based and automation technology solutions for tracking equipment, people, inventory and fleet to organisations within the healthcare, defence, government and commercial sectors. The business plans to use funding to scale business operations and fuel growth.
“Since 2011, Invest NI has provided investment support to 100 high growth potential companies through Co-Fund NI which has leveraged significant private investment in the portfolio,” said William McCulla, director of corporate finance at Invest NI.
“We are pleased that our funding will contribute to Kinsetsu’s growth and support its plans for the future of the business.”
Claudine Owens, investment manager at Clarendon Fund Managers, said: “Reaching the 100th company milestone is a fantastic accomplishment and makes Co-Fund NI the most active equity investor in Northern Ireland.”
Co-Fund NI’s portfolio companies include businesses from a range of sectors including advanced manufacturing and engineering, financial services, life and healthcare sciences, and digital ICT.
Invest NI’s support is part-funded by the European Regional Development Fund under the Investment for Growth & Jobs Northern Ireland (2014-2021) Programme.