Kernel Capital have just announced a new £25mn fund to aid SMEs in Northern Ireland over the next five years.
The Bank of Ireland Kernel Capital Growth Fund (NI) is one of two venture capital funds to which Invest NI has committed up to £15mn each and together they have the potential to invest £48mn in Northern Ireland SMEs.
The fund will be managed by Kernel Capital, with corner stone investors Bank of Ireland and Invest NI, established to focus on investing in Northern Ireland SMEs.
Arlene Foster, Minister of Enterprise, Trade and Investment, Northern Ireland said: “These funds are part of a major Access to Finance initiative established by Invest NI to help boost private sector growth, ensuring companies with high potential are not held back because they cannot access finance. Both Funds are equity based and will operate for 10 years. Investments will support local innovative companies that have potential to grow in global markets.”
Nick Fahy, managing director, Northern Ireland & Distribution Director UK, Bank of Ireland UK said: “We are delighted to strengthen our partnership with Kernel Captial through this Fund which will enable significant equity investment in growth businesses in the Northern Ireland SME sector. We believe it further demonstrates the Bank’s commitment to delivering access to finance solutions for local businesses.”
Dr Daniel McCaughan, partner, Kernel Capital said: “The Bank of Ireland Kernel Capital Growth Fund (NI) will offer new opportunities for dynamic Northern Ireland companies and we look forward to working closely with Northern Ireland’s entrepreneurial and business community. We appreciate the commitment of Invest NI and our long-term partner Bank of Ireland, in enabling this significant positive step in further enhancing the Access to Finance initiative.”