More than twenty high growth potential businesses have benefitted from over £4.7M of investment through Co-Fund II in the last 2 years.
Co-Fund II (ERDF) 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. Co-Fund II is managed by Clarendon Fund Managers.
The Co-Fund II portfolio features a diverse range of businesses such as Med-tech firms (axial 3D, BrainWaveBank and Neurovalens), Consumer product companies (Boatyard Gin, We are Paradoxx and See.Sense) and Software companies (Plotbox, Zymplify, PitchBooking and Ueska). Pharma Services company, Diaceutics, listed on AIM in March.
Neil Simms, Investment Director at Clarendon Fund Managers, said: “The first Co-Fund (CFI) invested £14.6m in 37 companies, over a 8-year period since June 2011, proving to be one of the most active sources of equity investment in Northern Ireland over this period.”
“Co-Fund II has already invested over £4.7m, alongside £11.5m of private investment, which demonstrates the important role of business angels, and other sources of private investment, in the development of high growth potential companies.”
He added: “Since 3DEO we have completed a further 3 new investments for the year ended May 2019.This will bring the total number of NI companies which have received investment from Co-Fund (I & II) to 60, with those Companies having raised over £102m of funding. Although businesses here continue to face uncertainty, there is still a strong demand for growth capital from ambitious and entrepreneurial companies.”
Earth Observation software company 3DEO is the 21st company to receive funding from Co-Fund II, with several follow-on investments made into the existing portfolio.
3DEO takes geospatial data and incorporates it into powerful 3D Visualisation and Earth Observation Solutions. Its ambition is to be a leader in the Earth Observation Information Products and Value Added Services industries.
Andy McPherson, CEO, 3DEO, said: “3DEO’s solutions rapidly combine and analyse both historical and real-time data into powerful yet easy-to-use decision-making toolkits for diverse applications. On the back of a significant contract with Belfast Harbour to enhance their survey capabilities, we are delighted to welcome investment from Co-Fund II that will enable us to make the key hires to accelerate growth.