Stora Software has secured a £1.3 million investment led by the Investment Fund for Northern Ireland (IFNI), marking a significant milestone for the company.
- The investment aims to drive Stora’s expansion into new markets, including Europe and the US, as well as support its innovative developments.
- Stora has demonstrated rapid growth, doubling its workforce and now serving nearly 20% of UK self-storage facilities.
- The IFNI’s investment in Stora is part of a wider initiative to bolster innovation in Northern Ireland.
- The British Business Bank has launched a significant funding program, of which IFNI’s equity investments form a critical component.
Stora Software, based in Banbridge, has successfully raised £1.3 million in a funding round predominantly led by the Investment Fund for Northern Ireland (IFNI). This capital injection is pivotal for Stora’s strategic objectives, including the acceleration of sales growth and the expansion into international markets such as Europe and the United States. The company’s CEO, Gavin Shields, highlighted the importance of this funding in facilitating continued innovation and reaching new customer segments.
In recent months, Stora has seen remarkable growth, doubling its personnel to 22 full-time employees and serving nearly 20% of self-storage facilities across the UK. This growth reflects the rising demand for their software, which is specifically designed to automate administrative tasks for self-storage operators, thus enhancing efficiency and boosting sales. Shields commented on the strategic imperative to capitalise on this momentum to further solidify Stora’s market position.
The IFNI’s commitment of £750,000 to Stora marks their latest investment in a year of active funding initiatives, culminating in a total equity deployment of £5.95 million. This is complemented by leveraged investments amounting to £14.6 million. IFNI’s focus remains on supporting innovative enterprises in Northern Ireland to navigate growth hurdles and capture market opportunities. Mark Sterritt from the British Business Bank praises the IFNI’s role in nurturing such enterprises.
The British Business Bank’s initiative, which launched the IFNI, aims to address funding shortages by providing a comprehensive range of financial solutions to small to medium-sized enterprises (SMEs) in the region. Managed by Clarendon Fund Managers, the £33 million equity fund is strategically designed to sustain growth in smaller businesses by offering equity stakes up to £5 million.
Sian McLaughlin, a senior investment manager at Clarendon, noted the increasing interest among businesses considering equity funding as a pragmatic tool for growth. This trend is evident across various industries throughout Northern Ireland, driven by the proactive stance of funds like IFNI and the collaborative efforts of stakeholders keen on fostering regional economic development.
Stora’s recent funding success underscores the growing support for tech innovation in Northern Ireland, spearheaded by initiatives like IFNI.
