Co-Fund NI backs 100th Northern Ireland startup

Co-Fund NI Image credit: Co-Fund NI

Co-Fund NI has invested £300,000 in Belfast-based IT company Kinsetsu, marking the Northern Ireland equity fund’s 100th investment.

Overseen by Clarendon Fund Managers, the fund was established to support startups based in Northern Ireland as part of the Regional Angels programme. It invests with angels and private backers in investments ranging from £150,000 to £2m.

Claudine Owens, investment manager, Clarendon Fund Managers, said: “Reaching the 100th company milestone is a fantastic accomplishment and makes Co-Fund NI the most active equity investor in Northern Ireland.

“As an investor we are committed to supporting diversity and we’re proud that over a quarter of our businesses have a female founder.”

Launched in 2011, the Belfast-based fund has now deployed more than £42m in previous investments, such as recycling business Changeover Technologies, medical analysis software Sonrai Analytics and healthcare 3D printing Axial3D.

The latest investment from the fund saw Kinsetsu, which provides sensor and automation tracking technology, raise £1.55m in a round led by venture capital firm Par Equity.

“In recent months we have secured a number of large contracts and this financial support will play a vital role in the expansion of our business operations,” said Joanne O’Doherty, chief executive of Kinsetsu.

“It will also support plans for further growth within the critical sectors we serve and help us to continue to provide positive change through our technology solutions.”

Last year a report found that Northern Ireland was the top UK region for coding jobs.