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03/10/2014
First Businesses To Benefit From techstart NI Announced
The first businesses to benefit from techstart NI, a new seed and early stage investment fund, have been announced.
Two businesses, Inflyte and Brewbot, have received over £300,000 between them from techstart NI to help fund further growth.
Established by Invest NI, the scheme provides support for early stage technology businesses and university spin-outs. The £23.6m initiative is made up of a £13m SME equity fund, two university funds of £1.5m each, and a proof of concept grant fund of £7.6m.
Brewbot, based in Belfast, is seeking to grow the craft brewing industry by making its Brewbot and companion app available to restaurateurs, enthusiast brewers and consumers. The company has received a £156,000 investment from techstart NI.
Inflyte App is a music promotion platform that allows record labels, pluggers, PR companies and publishers to send branded digital music promo campaigns direct to their clients' mobile devices.
Enterprise Minister Arlene Foster said: "Today’s announcement is not only good news for Inflyte and Brewbot, it is also good news for the Northern Ireland economy because the potential value of early stage technology business and university spin-outs is being recognised. They may start small but they have big growth ambitions, which should be encouraged.
"techstart NI is playing an important role in helping to boost private sector growth by ensuring that companies which are just starting out, like Inflyte and Brewbot, are not held back because they cannot access finance or first rate commercial mentoring."
(IT/CD)
Two businesses, Inflyte and Brewbot, have received over £300,000 between them from techstart NI to help fund further growth.
Established by Invest NI, the scheme provides support for early stage technology businesses and university spin-outs. The £23.6m initiative is made up of a £13m SME equity fund, two university funds of £1.5m each, and a proof of concept grant fund of £7.6m.
Brewbot, based in Belfast, is seeking to grow the craft brewing industry by making its Brewbot and companion app available to restaurateurs, enthusiast brewers and consumers. The company has received a £156,000 investment from techstart NI.
Inflyte App is a music promotion platform that allows record labels, pluggers, PR companies and publishers to send branded digital music promo campaigns direct to their clients' mobile devices.
Enterprise Minister Arlene Foster said: "Today’s announcement is not only good news for Inflyte and Brewbot, it is also good news for the Northern Ireland economy because the potential value of early stage technology business and university spin-outs is being recognised. They may start small but they have big growth ambitions, which should be encouraged.
"techstart NI is playing an important role in helping to boost private sector growth by ensuring that companies which are just starting out, like Inflyte and Brewbot, are not held back because they cannot access finance or first rate commercial mentoring."
(IT/CD)
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