Industry & Business

New Co-Fund Announced With £50 Million to Invest in Northern Ireland SMEs

 Breaking News
  • Largest Ever European Investment Bank Support in Ireland The European Investment Bank is to provide a loan of €490 million to support construction of the new children’s hospital in Dublin. This represents the largest ever financial engagement by the European Union’s long-term lending institution in Ireland and the EIB’s first backing for a hospital in the country. The new children’s hospital project includes two [...]...
  • Strabane Manufacturer to Invest Over £7 Million in Ambitious Expansion Strabane-based Fabplus is planning to more than double its workforce and turnover with support from Invest Northern Ireland. The investment is part of a three year expansion plan to increase its market share in the Republic of Ireland and Great Britain, and gain a foothold in mainland Europe and Scandinavia. Recruitment is underway to employ 83 additional staff at [...]...
  • PM Group Appoints a New Non-Executive Director Michael McNicholas has been appointed as a Non-Executive Director of Project Management Holdings (PM Group), the Irish headquartered international project delivery specialists. Michael McNicholas. Michael has over 35 years’ experience in senior leadership positions in the public and private sectors. He is the former CEO of Ervia, NTR plc and Managing Director of ESB International.  During his [...]...
  • Center Parcs Signs Contract With John Sisk & Son As construction activity on the much anticipated €233 million Center Parcs Longford Forest resort in County Longford ramps up, the company has announced it has formally awarded two major construction contracts to Dublin-based construction firm John Sisk & Son. The contracts for the construction of the 470 lodges and 30 apartments as well as the state-of-the-art centre [...]...
  • Medi-Shower Invests in Innovation to Drive Export Growth Multi-award-winning manufacturer Medi-Shower has created ‘smart showerhead’ technology which can reduce the risk of Legionnaires disease. The cutting edge product, developed with R&D support from Invest Northern Ireland is designed to meet the high requirements for hygiene within the healthcare sector. It reduces the risk of waterborne infection from bacteria that can build up due to poor design [...]...

New Co-Fund Announced With £50 Million to Invest in Northern Ireland SMEs

New Co-Fund Announced With £50 Million to Invest in Northern Ireland SMEs
November 28
14:33 2017

Invest Northern Ireland has appointed managers for a new £50 million fund which will generate investment into high potential Northern Ireland companies. Clarendon Fund Managers Limited (CFM) has been appointed to manage the Co-Fund NI II which aims to stimulate more private investment in NI companies that demonstrate high growth potential and have innovative and export focused products.

William McCulla, Invest Northern Ireland’s Director of Corporate Finance, said: “Co-Fund NI builds on the success of its predecessor, which invested over £12 million in 37 high growth Northern Ireland companies, alongside £20 million from private investors. Several Co-Fund NI companies have achieved significant ‘scale-up’ investment. These include Cirdan Imaging, MyCarNeedsA.com and most recently Sisaf, which is located in the Northern Ireland Science Park. Sisaf has developed a patented drug delivery platform and following funding from Co-Fund NI has now raised over $5.0m from US and Singapore based investors.”

Co-Fund NI invests with private investors such as business angels or their syndicates into eligible SMEs based in Northern Ireland, and provides up to 50 per cent of equity investment alongside 50 per cent from private investors on a deal-by-deal basis.

Neil Simms at CFM said: “We are delighted to have been appointed to manage the new £50m Co-Fund. Our experience of managing its predecessor showed us that business angels, and indeed other sources of private investment, are playing an increasingly important role in the development of young high potential companies that are seeking equity finance to pursue growth in export markets. The first Co-Fund invested over £12million, proving it to be one of the most active sources of venture capital in Northern Ireland. In addition, two companies have gone on to be successfully sold, generating a return of three times our initial investment. PathXL, a digital pathology technology company, was sold to the global Dutch head-quartered company Philips and Ingresso, a ticketing technology business, was sold to Berkshire-based Accesso.”

Clarendon Fund Managers Limited was appointed following a competitive tender process.

The fund is supported by the European Regional Development Fund under the Investment for Growth & Jobs Northern Ireland Programme (2014-2020).

CAPTION:

William McCulla (centre), Invest NI, is pictured with (L–R) Neil Simms and Brian Cummings of Clarendon Fund Managers.

About Author

admin

admin

Related Articles






New Subscriber





Subscribe Here



Advertisements
































National Manufacturing Conference & Exhibition 2016

NIBRT Springboard Success Stories



Upcoming Events

  • No upcoming events
AEC v1.0.4