New £75m fund targets growing NI companies

• Published date: 26 March 2024
• Author: CIARA O’BRIEN
• Publication title: Irish Times (Dublin, Ireland)

The Growth Capital Fund, which was launched by Whiterock, will primarily focus on companies in Northern Ireland across a range of sectors, with investments of between £1 million and £5 million. However, it could back companies located anywhere in the UK that have a Northern Ireland focus

Private investors

It aims to invest in about 15 to 20 companies over the next five years, taking a minority shareholding, and offering the possibility of follow-on funding to support the scaling-up companies in sectors such as digital, ICT and creative, fintech and financial services, life and health sciences, agritech and advanced manufacturing and engineering.

This is Whiterock’s first equity fund, with the company previously providing debt funding to more than 150 SMEs based in Northern Ireland. The new growth capital comes from British Business Bank, which invested £45 million, along with unnamed private investors.

“Whiterock has been actively supporting local businesses...