Recently rated as one of the top 10 productive areas in the UK, the city of Belfast is fast becoming a popular destination for startups. Residents enjoy a good quality of life while business owners utilise lower operating costs compared to other UK markets.
Businesses have access to educated and skilled talent, with Queen’s University Belfast and Ulster University providing young innovators and workers. These world-class educational institutions have produced graduates in the technology, business and engineering fields so it’s no surprise that these sectors are thriving.
Belfast As A Growing Tech Hub
The city has gained a reputation of being a technology and innovation hub in recent years. According to Growth Business, more than 25% of Belfast’s jobs are tech-related compared to other industries. Multinational tech giants such as Microsoft and Fujitsu have operated in the city for years.
Startup culture has increased, with local businesses raising almost £19 million in venture capital funding in 2021 alone. This amount is almost £2 million more than raised funds in 2020.
Business Case Studies reported that Belfast was the first European country to have 100% broadband, which makes it one of the most connected cities globally. This has further fuelled startups as more entrepreneurs and digital companies have settled in the city for business operations.
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10 Belfast VCs Investing In Early Stage Startups
Belfast offers a variety of venture capital firms for startups seeking funding for their ventures. With the right amount of funding and support, entrepreneurs can accelerate their startup growth. Let’s take a look at a few of them.
1. Crescent Capital
Crescent Capital has supported lower markets in their early stage since 2005. The firm has approximately £10 billion under management, and offers funding from £25 million to £200 million. They have invested more than £12 billion to around 250 businesses, and has gained the reputation as a trusted and responsive source of funds.
2. Clarendon Fund Managers
Since its inception in 2001, Clarendon Fund Managers have invested in more than 100 companies. The venture capital fund firm manages approximately £94 million of regional venture capital funds in Northern Ireland. The firm manages the Co-Investment Fund, which invests between £50 000 and £250 000 to support the growth of startup enterprises.
3. Kernel Capital
Kernel Capital, in partnership with the Bank of Ireland, is one of the largest funding sources for growing technology companies. To date, the firm has helped to scale more than 50 businesses with more than 100 co-investors to ensure funding can be provided for all stages of a startup’s growth.
4. Carson McDowell
Carson McDowell’s Private Equity and Venture Capital team has had a successful track record with advising on transactions in Northern Ireland. For several years, the firm has acted on behalf of equity investors, business angels, management teams and venture funds. The team works closely with other departments within the firm such as commercial and intellectual property for a seamless client experience.
5. Techstart Ventures
Techstart is a leading investor firm that has worked with around 132 tech companies in their early stages. To date, the firm has invested £64.5 million and raised around £360.5 million. They specifically look for products that can be scaled and are differentiated in the market.
6. SOSV
Founded in 1994, SOSV is a global venture capital firm that offers pre-seed startup funding to startups in the deep tech industry. This includes robotics, fintech, crypto, sustainability and SaaS among others. The firm has invested in 2369 companies to date, investing between $100 000 and $250 000.
7. Beltrae Partners
Beltrae Partners was founded by Ian Kerr and Conor McCullough, who are two of the most respected investment banking professionals in Ireland. The firm has raised £750 million in funding to date. In their first investment in 2012, their client received £425 000 in funding.
8. The Change
The Change works closely with their sister company, Change Transformation, to invest in early stage startups. The company looks for passionate business founders who need funding and guidance to execute their business visions. They have currently raised a total of £50 million for investments.
9. Evelyn Partners
Evelyn Partners provides a hands-on approach to guiding startups through the process of securing funding. They have utilised their long-standing relationships with investors to contribute to the growth of small businesses, as well as assisting with benchmarking pricing and executing presentations.
10. Norlin Ventures
Norlin is a privately-owned venture capital firm that specialises in the hospitality, leisure and real estate industries. The firm focuses on a long-term strategic approach when investing to help startups fulfil their full growth potential. Aside from funding, they offer insight and operational support to startup founders.
