The Economy Minister, Diane Dodds has announced that Co-investment Fund (Co-Fund) Northern Ireland is receiving additional funding of over £16million to support small and medium enterprises (SMEs) in Northern Ireland.
Co-Fund NI is an equity fund managed by Clarendon Fund Managers. It provides growth capital to early stage, high-growth potential SMEs alongside lead private investors. The additional £16m funding is a combined investment between Invest Northern Ireland and the Regional Angels Programme delivered by British Business Investments, a commercial subsidiary of the British Business Bank.
Making the announcement, the Minister said: “Local SMEs are the backbone of our economy and it is important that they can secure funding to grow. Co-Fund NI has been very successful in helping them to do this. Since 2011, it has supported over 70 companies, with over £29m of Invest NI funding and leveraging over £66m of private sector funds.
“The additional £16m funding will inject further investment capital into the Northern Ireland economy. The increase is expected to directly leverage additional funding of more than £20m from private investors over the next three years, opening up new growth opportunities for local businesses.”
Invest NI has provided £6.1m towards the funding uplift. British Business Investments has also committed £10m through its Regional Angels Programme.
Kevin Holland, Invest NI’s CEO, said: “Co-Fund NI is one of five funds in our Access to Finance portfolio. It specifically provides support to early-stage, high-potential start-up companies. This combined funding will have a significant impact on the Northern Ireland economy at a critical time for high growth potential SMEs.
“We have committed over £6m to increase the fund and provide more businesses with the opportunity to get their innovative ideas out of the starting blocks. By securing further funding from British Business Investments, Co-Fund NI will be able to support more companies to achieve their goals. Investments have already begun, with £2.5m invested across six early-stage and existing Co-Fund NI portfolio companies; Concept Apps, Sustain 10, Respiratory Analytics, Cirdan Imaging, Axial3D and B-Secur.”
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