Invest Northern Ireland (Invest NI) has launched two new equity funds offering investments to innovative SMEs with high-growth potential. The TechStart II Seed Fund and the Crescent Capital IV Development Fund have been created as part of Invest NI’s Access to Finance portfolio (
www.investni.com).
Launching the new funds, Invest NI’s director of corporate finance, William McCulla, said: “The TechStart II and Crescent IV funds will build on the success of prior funds in providing equity finance to start-up and early-stage innovative high-growth potential SMEs.
"The previous TechStart and Crescent funds helped over 60 companies raise equity investment to realise their growth ambitions, create jobs and bring new products to market.”
TechStart Ventures will manage the £30 million TechStart II fund and will offer initial investment rounds averaging around £300,000 (and up to £2 million in total for any one company over a series of rounds).
The Proof of Concept grant programme remains a key offering, with companies being able to obtain grant funding ranging from £10,000-£35,000 to progress concept ideas.
The £65 million Crescent Capital IV fund will be managed by Crescent Capital; it will offer companies in the technology, life sciences and manufacturing sectors investments of up to £2.5 million in the initial
investment rounds (and up to £5 million in total for any one company).