Stora Software program has raised a £1.3m in a funding spherical led by Funding Fund for Northern Eire (IFNI).
The Banbridge-based self-storage administration resolution agency plans to make use of the funds to speed up gross sales and progress in addition to goal clients in new markets and areas, together with Europe and the US.
The corporate has already doubled its crew in previous six months to 22 full-time employees and is utilized by practically 20% of the self-storage amenities within the UK.
CEO of Stora Gavin Shields mentioned: “This funding will assist us spend money on continued innovation as we develop the enterprise into new geographies and buyer segments.”
Stora’s software program is designed to assist self-storage amenities automate administrative duties, saving on prices and time and maximising gross sales.
The £750,000 funding from IFNI is the newest of six offers within the funding corporations first full 12 months of operation, elevating their whole fairness funding deployed to £5.95m, leveraging a complete of £14.6m of funding, with extra offers anticipated within the new 12 months.
Earlier investments for IFNI embrace medtech firm Cirdan, Pilates reformer producer ReformRX, capital knowledge firm INQDATA, company gifting enterprise Needi and cocktail producers Cocktail Keg Firm.
Director of Nations and Areas Funding Funds at British Enterprise Financial institution, Mark Sterritt, mentioned: “The newest cope with Stora Software program is a superb instance of how the fund helps progressive firms all through Northern Eire to take the following step on their progress journey.
“It has been a really profitable first 12 months for the IFNI.”
The IFNI was launched by The British Enterprise Financial institution with goals of delivering £70m of latest funding to smaller companies to be able to deal with funding gaps by providing them a spread of economic choices akin to debt finance and fairness investments.
Its £33m fairness fund is managed by Clarendon Fund Managers, who present fairness stakes of as much as £5m, with hopes of driving sustainable progress in smaller companies.
Senior funding supervisor at Clarendon Sian McLaughlin mentioned: “We have now seen an enormous quantity of curiosity from firms exploring fairness as a strategic device for enterprise progress.
“It has been very encouraging to see that curiosity coming from companies in a number of industries and from all components of Northern Eire.”
Of the £5.95m invested in Northern Eire by IFNI, £4.45m was invested into the tech business, together with funding for £450,000 for Needi, £750,000 for INQDATA, £2.5m for Cirdan and now £750,000 for Stora Software program.
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