Invest NI announce two new Equity Funds for investments in innovative SMEs.
25th October 2019
On 15th October 2019, Invest Northern Ireland launched two new Equity Funds (the TechStart II Seed Fund and the Crescent Capital IV Development Fund) which offer investments to innovative high growth potential SMEs.
The TechStart II Seed Fund (£30m) will be managed by Techstart Ventures, and will offer initial investment rounds averaging around £300,000 and up to £2million in 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 Crescent Capital IV Development Fund (£65m) will be managed by Crescent Capital and will offer companies within the technology, life sciences and manufacturing sectors investments of up to £2.5million in initial investment rounds and up to £5million in any one company.
Launching the new funds, William McCulla, Director of Corporate Finance at Invest NI, 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”.
“Future investments will support Northern Ireland companies to grow in global markets, encourage entrepreneurship and help to rebalance and rebuild our economy by driving private sector growth.”
TechStart II and Crescent Capital IV are part financed by the European Regional Development Fund under the EU investment for Growth and Jobs Programme 2014-2020.