Northern Ireland’s Investment Fund for Northern Ireland (IFNI) has successfully allocated €7.2 million in equity investments across six companies, with Banbridge-based Stora Software securing €1.5 million of this funding. This investment comprises €908,000 from the IFNI’s equity fund and an additional €666,000 from other financial sources, underscoring the growing interest in innovative tech solutions within the region.
Stora Software, founded to meet the specific needs of self-storage facilities, offers management solutions that enhance operational efficiency, boost sales, and alleviate administrative burdens. Since its inception, the company has quickly established a significant presence in the UK market and is now poised to leverage this latest funding round to expand its reach into Europe and the United States.
Gavin Shields, CEO of Stora Software, expressed enthusiasm about the company’s rapid growth trajectory. “Stora has grown rapidly and is now utilised by nearly 20% of the self-storage facilities in the UK. This funding will enable us to invest in ongoing innovation and support our expansion into new geographies and customer segments,” Shields stated. He also noted that the company has nearly doubled its workforce to 22 full-time employees in the past six months to support this growth.
The Investment Fund for Northern Ireland, launched by the British Business Bank, aims to bridge funding gaps and stimulate sustainable economic growth within the region. The €84.7 million fund offers a diverse range of financial solutions, including debt finance and equity investments, catering to businesses across various sectors and stages of development. The equity fund, managed by Clarendon Fund Managers, can provide stakes of up to €6 million in smaller businesses, promoting their potential for expansion.
Other recipients of IFNI’s funding include medtech firm Cirdan, capital markets data provider INQDATA, and the Belfast-based Cocktail Keg Company. The strong interest from various sectors demonstrates the effectiveness of the fund in supporting a diverse array of businesses in Northern Ireland.
Sian McLaughlin, Senior Investment Manager at Clarendon Fund Managers, remarked on the growing interest in equity financing. “We have seen considerable interest from companies looking to use equity as a strategic tool for business growth. It’s encouraging to see this interest spanning multiple industries and regions across Northern Ireland,” she stated. As the new year approaches, McLaughlin highlighted that there are several deals in progress and a robust pipeline of prospects, welcoming approaches from businesses eager to expand.
Stora Software’s investment marks a significant milestone not only for the company but also for Northern Ireland’s startup ecosystem. Mark Sterritt, Director of Nations and Regions Investment Funds at the British Business Bank, highlighted the fund’s achievements over its first year. “With over £10 million in total investments across Northern Ireland companies, the latest deal with Stora Software exemplifies our commitment to supporting innovative companies on their growth journeys,” Sterritt noted.
In conclusion, the successful fundraising by Stora Software illustrates the potential for Northern Irish startups to thrive in the competitive tech landscape, enhancing both local economies and international markets.
