Feeds

Northern Ireland gets own VC fund

Ulster says YES

  • alert
  • submit to reddit

Choosing a cloud hosting partner with confidence

Invest Northern Ireland is putting £7.5m into a fund to help get early stage technology companies in Northern Ireland off the ground.

Crescent Capital has raised £22.5m in total for the new fund, called Crescent Capital II, which will invest in local hi-tech companies. Other investors include Queen's University, University of Ulster and the New York State Common Retirement Fund. Invest NI is a government-funded development agency.

The money will be invested in early stage technology companies. Previous beneficiaries have included life sciences and software companies.

Leslie Morrison, chief executive of Invest NI, said the fund would boost the VC market in Northern Ireland. He also said the fund would help fill "the historical gap in the availability of equity funding for the deal size range of £250,000 to £1.5m."

Jamille Jinnah, managing director of placement agents Almeida Capital, said: "This could be good news for Northern Ireland but the success of similar quasi-government regional bodies has been varied." Jinnah said the difficulty was getting good enough investment professionals with specific industry rather than general investment skills.

Colin Walsh, managing director of Crescent Capital, told the Reg: "That's often a fair criticism but not in this case - I have been investing in early stage technology companies since 1989. I've seen firms go to IPO, and I've seen some go bankrupt."

Walsh said some government-funded VC funds are criticised for investing in social enterprises. Crescent Capital II won't suffer this fate because the government has no role in actual investment decisions.

Related stories

VCs warm to LAMP and services
Edenbrook secures £1m VC funds
DoubleClick goes private

Internet Security Threat Report 2014

More from The Register

next story
Bono apologises for iTunes album dump
Megalomania, generosity and FEAR of irrelevance drove group to Apple deal
HBO shocks US pay TV world: We're down with OTT. Netflix says, 'Gee'
This affects every broadcaster, every cable guy
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
French 'terror law' declares WAR on the INTERNET itself, say digi-rights folks
Liberté, Égalité, Fraternité: Two out of three ain't bad
SCREW YOU, EU: BBC rolls out Right To Remember as Google deletes links
Not even Google can withstand the power of Auntie
Arab States make play for greater government control of the internet
Nerds told to get lost in last-minute power grab bid at UN meeting
Zippy one-liners, broken promises: Doctor Who on the Orient Express
Series finally hits stride, but Clara's U-turn is baffling
Don't bother telling people if you lose their data, say Euro bods
You read that right – with the proviso that it's encrypted
America's super-secret X-37B plane returns to Earth after nearly TWO YEARS aloft
674 days in space for US Air Force's mystery orbital vehicle
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Win a year’s supply of chocolate
There is no techie angle to this competition so we're not going to pretend there is, but everyone loves chocolate so who cares.
Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.