The £70 million Investment Fund for Northern Ireland has marked a significant milestone as it has now seen £30 million of finance deployed to 35 smaller businesses.
Launched just 18 months ago as one of six of nations and regions investment funds across the UK run by the British Business Bank, it has supported firms from multiple sectors with investments totalling £18 million, which have been the catalyst for the crowding-in of an additional £12 million in private sector funding.
Businesses which have benefitted from the fund include Belfast-based Cocktail Keg Company, the world’s only freshly batched cocktail company, which received £500,000 in equity investment to bolster their presence in the UK, Europe and the Middle East.
AES Global in Cookstown, which designs, manufactures and supplies intercom systems and a range of security products to the global market, received a £600,000 loan from the fund to help strengthen its foothold in the US market and expand its international reach.
Two of the fund’s headline deals include equity investments of £2.5m for Lisburn medtech company Cirdan and £1m for innovative Pilates equipment company, Reform RX.
Reform RX – whose founders Neal and Yvette McGaffin are pictured – recently became the first exit for the Investment Fund after it was acquired by US intelligent fitness giant iFIT Inc
And in another major milestone, Newry pilates reformer manufacturer Reform RX has become the first exit for the Investment Fund after it was acquired by US intelligent fitness giant iFIT Inc for an undisclosed fund.
In June 2024 Reform RX had closed an investment round of £1.5m which included a £1m investment from the fund to further develop its technology and drive global expansion. Since receiving funding Reform RX has grown exponentially.
Mark Sterritt, regions and nations investment funds director at the British Business Bank, said: “It has been a really encouraging start to the fund with investments into some outstanding local companies who are doing great things on the global stage.
“Northern Ireland is known for its innovative businesses and entrepreneurs who push boundaries, solve problems and disrupt existing models.
Mark Sterritt, regions and nations investment funds director at the British Business Bank (Mark/Mark)
“Supporting businesses like these is exactly why the Investment Fund for Northern Ireland was launched, and I am excited to follow the journeys of the firms we have invested in and to also meet more local firms seeking to take the next step.
“It has also been remarkable to witness the growth of Reform RX since the company received IFNI funding, leading to its successful exit. Reform RX are an excellent example of the highly innovative companies we have in Northern Ireland and the results they can achieve with the right support.”