Stora Software, a Banbridge-based firm, has successfully raised £1.3 million.
- The funding round was led by the Investment Fund for Northern Ireland (IFNI).
- Funds will accelerate sales, growth, and market expansion to Europe and the US.
- Stora’s team has doubled in the last six months, now employing 22 full-time staff.
- Nearly 20% of UK’s self-storage facilities utilize Stora’s management software.
Stora Software, headquartered in Banbridge, has secured £1.3 million in a recent funding effort. The Investment Fund for Northern Ireland (IFNI) spearheaded this financial round, aiming to enhance Stora’s expansion ambitions. The resources will support accelerated sales growth and entry into fresh markets, with Europe and the US being the primary targets.
Over the past six months, Stora has significantly bolstered its workforce, doubling its team size to 22 full-time employees. The company’s software is a critical tool for nearly 20% of self-storage facilities across the UK, offering automation of administrative tasks, reducing operational costs, and boosting sales. Stora’s CEO, Gavin Shields, highlighted that this infusion of capital is critical for fostering continued innovation and exploring new customer segments and geographic markets.
The IFNI’s investment of £750,000 is part of its broader investment strategy, being one of six deals completed in its inaugural year. Collectively, the fund has deployed £5.95 million in equity investments, drawing a total of £14.6 million in funds, with expectations for further deals in the upcoming year. Past recipients of IFNI funds include companies such as Cirdan, ReformRX, INQDATA, Needi, and the Cocktail Keg Company.
Mark Sterritt, Director of Nations and Regions Investment Funds at the British Business Bank, expressed that the Stora Software investment exemplifies the support for innovative Northern Irish firms on their growth paths. The IFNI, initiated by The British Business Bank, aims to inject £70 million into smaller enterprises to bridge funding gaps, offering diverse financial solutions including equity investments.
Sian McLaughlin, Senior Investment Manager at Clarendon, managing the £33 million equity fund, noted a burgeoning interest from companies in leveraging equity for strategic growth. The IFNI has invested £5.95 million in Northern Ireland’s tech sector, underscoring its commitment, with significant contributions to tech firms including Needi, INQDATA, and Cirdan.
Stora Software’s successful funding round underscores its strategic push for expansion and innovation in the self-storage sector.
