Whiterock’s Growth Capital Fund team. From left back row: Graham Ferguson, Sarah Toner and David McCurley. From left seated: Jenna Mairs and Paul Millar. Image: Whiterock
Whiterock plans to invest in up to 20 companies over the next five years, with a focus on a number of tech sectors including digital, ICT, fintech and manufacturing.
A new £75m investment fund has been launched by Whiterock to provide a fresh source of growth capital for businesses in Northern Ireland.
Whiterock said this Growth Capital Fund will make investments of between £1m and £5m for minority shareholdings in scaling companies. The fund manager said there will be capacity to provide extra funding “as required”.
The investment firm expects this Northern Ireland fund to invest in roughly 15 to 20 companies over a five-year period. The focus will be on companies who can demonstrate clear sales growth and routes to market, across a range of sectors including digital, ICT, fintech, life and health sciences, agritech and advanced manufacturing.
Whiterock CEO Paul Millar claimed there is an “equity gap” in Northern Ireland when it comes to locally based investors, particularly in the £1m to £5m range. “The Growth Capital Fund is the largest ever locally managed equity fund for NI companies,” Millar claimed. “It will invest in businesses with strong management teams and a demonstrated and proven business model, which have a high growth potential.
“We want to be a strategic partner that helps companies achieve their growth ambitions, while also generating attractive returns for our investors.”
The company has been operating in Northern Ireland for more than 10 years and has managed roughly £150m across four funds. The new capital fund is Whiterock’s first equity fund, which includes £45m from the British Business Bank and £30m coming from private investors.
To support this new fund, Whiterock has appointed Graham Ferguson – the former CFO of Newry-based tech company First Derivatives – as an investment director. The fund will also be supported through the appointment of external consultants and sector experts.
At the start of 2023, Whiterock gave a £500,000 loan to Belfast tech company Sensoteq to help expand its business
Find out how emerging tech trends are transforming tomorrow with our new podcast, Future Human: The Series. Listen now on Spotify, on Apple or wherever you get your podcasts.
