Northern Ireland plays home to a host of highly investible companies which international investors are missing out on.
That鈥檚 the message from the managers of Co-Fund NI which wants to encourage more external investors to take a closer look at the early-stage businesses emerging from the province so they can co-invest.
鈥淒emand for funding is high and the quality of the companies we are seeing coming through is increasing every year,鈥 he said. 鈥淚t鈥檚 clear from some of the Series A funding rounds raised by Northern Ireland companies in our last financial year that a number of equity investors are starting to take notice of the potential in the region.
鈥淏ut I would encourage others who aren鈥檛 already doing so to take a look at what鈥檚 emerging in Northern Ireland as we鈥檇 like to invest alongside more external investors.鈥
Clarendon said that in the 12 months to March 31, 2021, despite the impact of the pandemic, Co-Fund NI invested 拢7.5m in Northern Ireland businesses, alongside 拢13.2m of private investment in 37 funding rounds, bringing the total it has invested to over 拢31m resulting in overall investment of 拢174m when private match investment and leveraged funds are included.
In the same 12-month period, its portfolio companies raised 拢56m of investment, with 15 companies raising Series A funding rounds averaging 拢2.9m 鈥 almost double the average value of Series A rounds raised the year before.
These included Cumulus Neuroscience raising 拢6m from DDF and Life Arc Science Fund, Neurovalens raising 拢5.2m from IQ Capital and Wharton and Cirdan Imaging raising 拢3.6m from existing shareholders and the Future Fund. Innovative heart rate software company B-Secur has raised almost 拢8m in the first of half of the year, including $6m from a US-based fund.
鈥淐o-Fund NI first invested in B-Secur in early 2020 at an uncertain time for our business in the early days of Covid-19 and have followed on with significant investment twice as the business moved back to growth,鈥 Alan Foreman, CEO at B-Secur, said. 鈥淚 was thrilled that B-Secur was able to find a Northern Ireland investor that understands our deep tech proposition and the immense global opportunity we have, while supporting our growth ambitions locally.
鈥淐o-Fund NI鈥檚 support since early 2020 provided a key endorsement as we sought investment from the US, a key strategic market for the company.鈥
