Since launch the Investment Fund for Northern Ireland has supported 35 businesses from multiple sectors with investments totalling around £18 million.
These investments have been the catalyst for the crowding in of an additional £12 million in private sector funding.
Businesses which have benefitted from the fund include Cocktail Keg Company, the world’s only freshly batched cocktail company who received £500,000 in equity investment to bolster their presence in the UK, Europe and the Middle East.
AES Global Ltd received a £600,000 loan from the fund to help strengthen its foothold in the US market and expand its international reach.
The Cookstown firm designs, manufactures and supplies intercom systems and a range of security products to the global market.
Two of the fund’s headline deals include equity investments of £2.5m for Lisburn medtech company, Cirdan and £1m for innovative Pilates equipment company, Reform RX.
And in another major milestone, Pilates reformer manufacturer, Reform RX has become the first exit for the Investment Fund for Northern Ireland after it was acquired by US intelligent fitness giant, iFIT Inc for an undisclosed fund.
In June 2024 Reform RX had closed an investment round of £1.5m which included a £1m investment from the fund to further develop its technology and drive global expansion. Since receiving funding Reform RX has grown exponentially.
Gareth Thomas, Minister for Small Businesses, said: “This is a promising start for the fund, which is playing a crucial role in helping Northern Ireland’s ambitious and innovative SMEs access the finance they need to invest and grow.
“As part of our Plan for Change, we are determined to give smaller businesses across all nations and regions of UK the support they need to start up and scale up, create jobs, increase local opportunity and further boost the economy.”
Mark Sterritt, Director Regions and Nations Investment Funds at the British Business Bank, said: “It has been a really encouraging start to the fund with investments into some outstanding local companies who are doing great things on the global stage.
“Northern Ireland is known for its innovative businesses and entrepreneurs who push boundaries, solve problems and disrupt existing models.
“Supporting businesses like these is exactly why the Investment Fund for Northern Ireland was launched, and I am excited to follow the journeys of the firms we have invested in and to also meet more local firms seeking to take the next step.
“It has also been remarkable to witness the growth of Reform RX since the company received IFNI funding, leading to its successful exit. Reform RX are an excellent example of
the highly innovative companies we have in Northern Ireland and the results they can achieve with the right support.
Sue Barnard, Senior Investment Manager said “The fund is playing a crucial role in increasing the supply and diversity of early-stage finance for smaller businesses.
“Tailoring funding options to the needs of a business can really help unlock its potential and provide the springboard to increased growth.
“As awareness of the fund and indeed the different funding options continues to grow, we are looking forward to investing in even more businesses in the years ahead and to evolving the fund to ensure it continues to provide the right support.”
Launched by the British Business Bank in November 2023, Whiterock manages the debt fund, offering loans of £25,000 up to £2m, while Clarendon Fund Managers provide equity stakes in smaller businesses up to £5m.
The Investment Fund for Northern Ireland is one of six of Nations and Regions Investment Funds across the UK run by the British Business Bank.
The British Business Bank wants to break down particular barriers to finance so that access to finance is a level playing field for all entrepreneurs – wherever they are, whatever their gender, whatever their ethnicity.
The purpose of the Investment Fund for Northern Ireland is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the UK, whatever the economic conditions, with an inclusive approach to all eligible sectors.
To find out more about the Investment Fund for Northern Ireland visit http://www.investmentfundnorthernireland.co.uk