Prime Highlights
- Co-Fund III has injected strong financial support into Northern Ireland’s SMEs, helping high-growth businesses expand and innovate.
- The fund’s first-year performance reflects rising investor confidence and a positive outlook for the region’s business ecosystem.
Key Facts
- £3.1 million invested in 13 SMEs, attracting over £10 million in total combined funding.
- 16 investments completed across sectors like health sciences, fintech, and agriculture, with 31% going to female-founded businesses.
Background:
Northern Ireland’s small business sector has received a strong boost, with Co-Fund III investing £3.1 million in 13 SMEs during its first year. The fund, supported by Invest NI and managed by Clarendon Fund Managers, aims to improve access to funding for growing local businesses.
The £39 million equity fund operates by investing alongside private investors, including business angels and venture capital firms. In its first year alone, Co-Fund III’s £3.1 million contribution has successfully attracted an additional £5.4 million in private investment, along with £1.9 million in leveraged funding. The total investment has now crossed £10 million, showing strong confidence in Northern Ireland’s small business sector.
The fund usually invests between £150,000 and £500,000 in growing businesses. So far, it has invested in 16 deals across 13 companies in sectors like health sciences, fintech, and agriculture. Four of these businesses are led by women, making up 31% of the portfolio.
One of the companies supported is Senergy Innovations, based in Carryduff, which focuses on solar hot water solutions. It received £500,000 as part of a £1.25 million funding round. The company has used this funding to grow its team, increase sales, and develop new products for the automotive sector.
Co-Fund III usually invests up to 50% in a funding round, working with private investors who contribute the remaining amount. On average, the fund invests around 35% of each deal.
Kathryn Hill, Chief Operating Officer at Invest NI, described the first-year performance as highly encouraging, noting that the scale of combined investment reflects strong endorsement from both public and private sectors. She added that the diversity of supported businesses aligns with the region’s ambition to foster more high-growth enterprises.
