Stora raises £1.3m in round led by Investment Fund for Northern Ireland – UKTN

Stora Software has raised a £1.3m in a funding round led by Investment Fund for Northern Ireland (IFNI).

The Banbridge-based self-storage management solution firm plans to use the funds to accelerate sales and growth as well as target customers in new markets and locations, including Europe and the US.

The company has already doubled its team in past six months to 22 full-time staff and is used by nearly 20% of the self-storage facilities in the UK.

CEO of Stora Gavin Shields said: “This funding will help us invest in continued innovation as we expand the business into new geographies and customer segments.”

Stora’s software is designed to help self-storage facilities automate administrative tasks, saving on costs and time and maximising sales.

The £750,000 investment from IFNI is the latest of six deals in the investment firms first full year of operation, raising their total equity investment deployed to £5.95m, leveraging a total of £14.6m of investment, with more deals expected in the new year.

Previous investments for IFNI include medtech company Cirdan, Pilates reformer manufacturer ReformRX, capital data company INQDATA, corporate gifting business Needi and cocktail manufacturers Cocktail Keg Company.

Director of Nations and Regions Investment Funds at British Business Bank, Mark Sterritt, said: “The latest deal with Stora Software is an excellent example of how the fund supports innovative companies throughout Northern Ireland to take the next step on their growth journey.

“It has been a very successful first year for the IFNI.”

The IFNI was launched by The British Business Bank with aims of delivering £70m of new funding to smaller businesses in order to tackle funding gaps by offering them a range of financial options such as debt finance and equity investments.

Its £33m equity fund is managed by Clarendon Fund Managers, who provide equity stakes of up to £5m, with hopes of driving sustainable growth in smaller businesses.

Senior investment manager at Clarendon Sian McLaughlin said: “We have seen a huge amount of interest from companies exploring equity as a strategic tool for business growth.

“It has been very encouraging to see that interest coming from businesses in multiple industries and from all parts of Northern Ireland.”

Of the £5.95m invested in Northern Ireland by IFNI, £4.45m was invested into the tech industry, including funding for £450,000 for Needi, £750,000 for INQDATA, £2.5m for Cirdan and now £750,000 for Stora Software.

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