Northern Ireland’s Co-Fund III, managed by Clarendon Fund Managers, has invested over £10 million in local small and medium-sized enterprises (SMEs) during its first year of operation. The fund, part of Invest NI’s “Access to Finance” initiative, contributes alongside private investors and business angels to support high-growth companies across the region.
In its initial year, Co-Fund III contributed £3.1 million to 13 SMEs across 16 investments, complemented by £5.4 million in private investment and £1.9 million in leveraged funding. Individual investments in participating companies ranged from £150,000 to £300,000, targeting firms with strong growth potential.
One notable investment was in Senergy Innovations, a Carryduff-based company specialising in solar thermal hot water solutions and thermally-conductive polymers for energy, automotive, and industrial applications. Co-Fund III contributed £500,000 to Senergy during a £1.25 million funding round, enabling the company to expand its team, develop new products for the automotive sector, and increase sales of its solar product, Senersol.
Co-Fund III typically leads up to 50% of an equity investment round, with the remainder coming from private investors. Invest NI’s Chief Operating Officer, Kathryn Hill, highlighted the fund’s success as a strong endorsement of Northern Ireland’s high-growth businesses and a driver of local economic development. Clarendon Fund Managers’ Senior Investment Manager, Claudine Owens, emphasized that Co-Fund III reflects the quality of local SMEs and the region’s strong demand for growth funding.
This third iteration builds on the success of the previous Co-Funds, which since 2012 have invested £51 million across 102 companies in over 350 investment rounds. These earlier funds leveraged £113 million from private investors and helped portfolio companies secure over £210 million in additional funding, demonstrating a long-standing impact on Northern Ireland’s entrepreneurial ecosystem.
