Stora Software has raised £1.3m with support from the Investment Fund for Northern Ireland (IFNI).
- The Banbridge-based company is set to accelerate its sales growth and expand into European and US markets.
- Over the past six months, Stora has doubled its workforce to 22 full-time employees.
- Nearly 20% of UK self-storage facilities utilise Stora’s management solution.
- IFNI’s investment comes as part of a series of deals totalling £5.95m across Northern Ireland.
Stora Software, a Banbridge-based self-storage management solution firm, has successfully secured £1.3 million in funding. This investment round was led by the Investment Fund for Northern Ireland (IFNI) and aims to help Stora increase its sales and pursue growth opportunities in Europe and the United States. The company has experienced significant growth, doubling its workforce to 22 full-time staff in the past six months.
Stora’s software, which automates administrative tasks for self-storage facilities, is already being utilised by nearly 20% of such facilities across the UK. The CEO of Stora, Gavin Shields, highlighted the importance of this funding for the company’s ability to innovate and expand into new geographical markets and customer segments.
The investment from IFNI highlights its commitment to supporting innovative companies in Northern Ireland. This funding is part of a £33m equity fund managed by Clarendon Fund Managers. IFNI’s goal is to provide smaller businesses with the financial options required to overcome funding gaps, including both debt finance and equity investments.
This £750,000 investment in Stora is among the six deals made by IFNI in its first year of operation, which have raised a total of £5.95m, leveraging £14.6m in investments. IFNI has previously invested in various sectors within Northern Ireland, including medtech, capital data, and corporate gifting markets.
Mark Sterritt, Director of Nations and Regions Investment Funds at the British Business Bank, noted that the deal with Stora Software serves as an example of how the fund is making a tangible difference for companies pursuing growth. Sian McLaughlin, a senior investment manager at Clarendon, also observed increasing interest from businesses keen on equity as a strategic growth tool.
The IFNI initiative by the British Business Bank, launched with an aim to deliver £70m of new funding to smaller businesses, continues to empower numerous Northern Irish companies. With equity stakes of up to £5m, the initiative aspires to instigate sustainable growth across diverse business landscapes.
Stora’s acquisition of £1.3m in funding signifies a substantial step towards its expansion objectives in both existing and new markets.
