Co-Fund NI
The Co-Fund NI is an equity fund for SMEs based in Northern Ireland.
Who it is for
The fund requirements are:
- Must be SME with operations substantially based in Northern Ireland.
- Must not be in a prohibited EU sector (eg defence, tobacco, gambling) and generally be in manufacturing or tradable services (export-focused).
- Must have an identified funding gap in a proposed investment (companies must have tried and been unable to raise all required funding from private sources).
- Funding is subject to ‘State Aid’ and therefore investment cannot breach State Aid Block exemption (must take account of other ‘State Aid’ receipts or offers such as grants).
- Where the investment is being led by business angels, there must be a minimum of three participating in the investment round.
Whilst it is anticipated that a higher proportion of beneficiaries may be earlier stage, high growth companies, SMEs at any stage of their lifecycle are eligible provided that they have the required minimum level of investment from a syndicate or private investors.
Support you can get
Co-Fund NI expects to invest in rounds of between £150,000 and £1,000,000, and will invest at a ratio of up to a maximum of 50% of the investment round, but more typically aim for 35% of the round. Larger round sizes may be considered as long as the initial investment is no more than £250,000.
The fund is not open to direct approaches from individual businesses. Those seeking investment should first secure the interest of private investors. However, the fund does work with existing private investors and businesses where a substantial proportion of the required private sources of funding are in place, and they are working towards setting investment terms and filling out a round.
Support organisers
- Clarendon Fund Managers