British Business Bank and InterTradeIreland co-fund new initiative with Ormeau Baths to give Northern Ireland firms 'a strong head start on their fundraising journey'

An initiative to support smaller businesses who are actively trying to raise capital to help them get in shape and become investor ready is preparing to welcome applications for the second cohort of SMEs this September.

Co-funded by the British Business Bank and InterTradeIreland and facilitated by Ormeau Baths, the Investor Readiness programme will provide a further 15 Northern Ireland founders with three months of support, delivered via a rolling schedule of five companies being

selected per month.

With 15 founders already through the initial week-long sprint, the participating businesses also avail of three months of ongoing tailored support. This includes desk space at Ormeau Baths, along with access to weekly check-ins designed to provide ongoing guidance and feedback to participants as they execute their fundraising campaigns, supporting these first 15 businesses in their ambitions to raise over £34 million collectively. The programme is already packing a punch with a number of investment rounds set to close in the coming months.

With an acknowledged gap in local support to help early-stage businesses become investor ready, the programme is aimed at helping a diverse range of founders from across Northern Ireland who are looking to raise investment in the immediate to short term, to navigate the fundraising landscape.

One of the first cohort of local businesses to take part in the programme was Belfast genomic analysis specialists, BlokBio.

Co-founder, Simon McDade said: “Participating in the investor sprint at Ormeau Baths was an invaluable experience for us at BlokBio.

“Amid the fast-paced environment of a start-up, it helped us refine our capital raising strategy and crystallize our narrative at a crucial point in our journey. Furthermore, the soft meetings with investors offered an excellent platform to test our approach and opened up a wealth of opportunities beyond the sprint.”

The British Business Bank’s senior manager for Northern Ireland, Susan McKane explained: “We have so many brilliant early-stage businesses in Northern Ireland, many of whom are seeking investment and so we’re keen to help ensure they get a strong head start on their fundraising journey.

“Having helped hundreds of start-ups navigate this path, the team at Ormeau Baths are utilising their vast experience and network to deliver this exciting pilot programme to a diverse group of founders.”

Shane O’Hanlon, funding for growth manager at InterTradeIreland, continued: “InterTradeIreland is delighted to support this initiative which aims to support Northern Ireland start-ups as they start the journey of becoming investor ready.

“This pilot programme offers Northern Ireland businesses tailored support in the form of sprints that allow businesses to fine tune their approach to seeking investment with the opportunity to build partnerships with investors and established networks.

“InterTradeIreland is proud to support Northern Ireland businesses as they navigate the fundraising landscape and discover the best pathways to raising capital and grow their business on the island and beyond.’’

Each of the 15 businesses are receiving individualised on-demand support in addition to structured group-based support and deep dives to stress test the goals and position of the company in the market and to develop an understanding of the company’s needs.

Recognising that the founders need different types of backing before and at various phases of a funding round, they are receiving help to strengthen areas of weakness and build momentum before a funding round and are also getting support with negotiation or investor relationships during a funding round.

Ormeau Baths general manager, Claire Halliday, added: “This partnership signifies our collective commitment to supporting start-ups and entrepreneurs in Northern Ireland, providing them with invaluable tools and guidance to navigate the investment landscape successfully.”

Leading the programme, Chris McClelland, general partner, Broadstone, concluded: “The sprints have reinforced the immense potential we have to grow a world-class entrepreneurial culture in Northern Ireland. These founders are working on products that can radically change the lives of millions of people and, in turn, our local economy.

“The standard of founders here are no different from those I’ve worked with in start-up epicentres around the world however here they are at a disadvantage due the lack of experienced investors. It is crucial that we level the playing field and turn regional into an advantage.”