Clarendon Fund Managers invests £450k in Armagh based tech start up aiming to revolutionise corporate gifting
An Armagh based, female founded, tech start-up has received funding of £450,000 from the Investment Fund for Northern Ireland’s equity arm.
Needi, whose customers already include KPMG, Microsoft, Spotify and Virgin, has developed a gift matching algorithm that will ensure corporate gifts align with clients’ ESG and sustainability goals.
By blending AI technology with human expertise, the company streamlines the sourcing of unique, sustainable corporate gifts and branded merchandise from local independent businesses.
The seed investment funding into Needi was led by Clarendon Fund Managers, with the company also receiving investment from others including Techstart Ventures. In total, the seed funding round generated £895,000 for Needi.
This funding will also allow Needi to further expand its workforce and continue to support local, independent businesses.
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Needi’s co-founder, Louise Doyle said the business’s AI-powered solution will save companies over 30 hours per week.
Louise said: "Our unique gift offering really does help companies of all sizes with their wider employee wellbeing strategies and, of course, offering their clients something a little bit different allows them to stand out.
“We source from the best local independent merchants so using Needi not only helps companies to save time and effort but will also help provide a boost to local companies in the run up to Christmas.
“We are incredibly proud of what we have achieved so far, given the barriers female founders can face but the experience with Clarendon Fund Managers has been brilliant from day one.
“They have been the opposite of everything I would have expected from a funder. I connected with their fund manager, Claudine Owens, a few years ago and it really feels like she knows me and the business inside out.
“Both Steph and I really do feel like they are there to help and support us. They are incredibly personable and understanding. We are a high scale company, and we feel all our investors are incredibly supportive.
“I have 14-month-old twins and Steph has a two-year-old. It can be challenging as female founders to juggle work and home life, but we are building a company with an ethos that makes that balance achievable.
“I would encourage anyone with similar ambitions to explore the opportunities that Clarendon Fund Managers and the Investment Fund for Northern Ireland can offer.”
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Clarendon Fund Managers Investment Manager, Claudine Owens said it was really exciting to be able to support a female founded company with such potential.
She said: “Needi’s seamless, tech-driven solution to sourcing high quality, unique gifts has the potential to revolutionise corporate gifting strategies.
“Supporting innovative companies like this is exactly what the Investment Fund for Northern Ireland was created for and I am delighted to be working with both Louise and Steph on the exciting journey ahead.”
British Business Bank Senior Investment Manager, Sue Barnard said: “Needi has found a niche and has all the ingredients to be a great success.
“Our studies show that female-led startups generate 20% more revenue per pound invested than their male-led counterparts and I have no doubt Louise and Steph are on the cusp of something special.
“It is really pleasing that the Investment Fund for Northern Ireland has been able to support them at this important stage in their development.
“The fund has been set up to ensure finance is available for smaller businesses right across Northern Ireland and with Needi based in rural Armagh this is a good example of the fund reaching areas outside Belfast.”
The £70million Investment Fund offers a range of commercial finance options including debt finance and equity investment to support businesses from all sectors in Northern Ireland and at different growth stages.
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Clarendon Fund Managers provides equity stakes in businesses up to £5million while Whiterock manages the debt fund, offering loans of £25,000 up to £2million.
To find out more about the Investment Fund for Northern Ireland visit http://www.investmentfundnorthernireland.co.uk
Source: Written from Press Release
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