Northern Ireland’s Investment Fund for Northern Ireland (IFNI) has made notable strides in €7.2 million in equity investments to six companies. Among these, Banbridge-based Stora Software has secured a total investment of €1.5 million, including €908k from IFNI’s equity fund and €666k from other sources.
Founded to address the needs of self-storage facilities, Stora Software provides management solutions designed to streamline operations, enhance sales, and reduce administrative burdens.
The company, which has rapidly grown its presence in the UK, plans to leverage the funding to expand its market reach into Europe and the US.
Stora CEO Gavin Shields highlighted the company’s recent successes: “Stora has grown rapidly and is now used by almost 20% of the self-storage facilities in the UK. This funding will help us invest in continued innovation as we expand the business into new geographies and customer segments. In the last six months, we have almost doubled our team to 22 full time staff as we invest to accelerate this growth”
The IFNI, launched by the British Business Bank, aims to tackle funding gaps while fostering sustainable economic growth in Northern Ireland. The €84.7 million fund offers financial solutions ranging from debt finance to equity investments, supporting businesses across all sectors and stages of growth. Clarendon Fund Managers oversees the €39.9 million equity fund, which can provide stakes in smaller businesses of up to €6 million.
Other companies benefiting from IFNI’s first-year operations include medtech firm Cirdan, capital markets data provider INQDATA, and Belfast-based Cocktail Keg Company.
Senior Investment Manager Sian McLaughlin of Clarendon Fund Managers remarked: “We have seen a huge amount of interest from companies exploring equity as a strategic tool for business growth and it has been very encouraging to see that interest coming from businesses in multiple industries and from all parts of Northern Ireland. As we head into a new year we have a number of other deals in progress and a strong pipeline of prospects, but we continue to welcome approaches from businesses with an appetite for expansion.”
The investment marks a significant milestone for Stora, reflecting the potential for Northern Ireland-based startups to make their mark on international markets.
Mark Sterritt, Director of Nations and Regions Investment Funds at the British Business Bank, noted: “It has been a very successful first year for the Investment Fund for Northern Ireland. In addition to the £5.95m in equity finance deployed, the debt funding element of IFNI takes the total investment in Northern Ireland companies to over £10m. Our fund managers have been doing an excellent job and it is encouraging to know there is a strong pipeline of equity and debt funding deals to come. The latest deal with Stora Software is an excellent example of how the fund supports innovative companies throughout Northern Ireland to take the next step on their growth journey.”
Read the orginal article: https://www.eu-startups.com/2024/12/northern-irelands-storage-tech-disruptor-stora-software-raises-e1-5-million/
