Co-Fund II celebrates its 20th major NI investment

Invest Northern Ireland's Co-Fund II scheme has invested in its 20th major NI firm over the past two years, with £4.7m invested in high-growth NI startups.

Supported by the European Regional Development Fund, Co-Fund II is part of Invest NI's Access to Finance investment porfolio. The portfolio is managed by Clarendon Fund Managers and is designed to boost high-growth SMEs early in their lives when they need it most, investing alongside business angels and other private equity investors.

The scheme provides up to 50% of the finances a company needs to grow by matching equity investment secured from external sources on a one-to-one basis, and has now invested in over 20 businesses with high growth potential in Northern Ireland over the past two years, with over £4.7m of investment being made through the fund.

The Co-Fund II portfolio includes many of Northern Ireland's best known recent tech startups, including MedTech companies axial 3D, BrainWaveBank and Neurovalens alongside successful pharmaceutical services company Diaceutics. It has also supported software companies Plotbox, Zymplify, PitchBooking and Uleska, and consumer product firms Boatyard Gin, See.Sense, and We are Paradoxx. The 20th investment is being made now in Earth Observation software company 3DEO.

Clarendon Fund Managers Investment Director Neil Simms commented on the success of the fund: "The first Co-Fund invested £14.6m in 37 companies, over an eight year period since June 2011, proving to be one of the most active sources of equity investment in Northern Ireland over this period. Co-Fund II has already invested over £4.7m, alongside £11.5m of private investment, which demonstrates the important role of business angels, and other sources of private investment, in the development of high growth potential companies."

Source: Written based on press release