Stora Software funding news -Banbridge-based Stora Software has Secured €1.5 Million in Funding

Stora Software provides management solutions for self-storage facilities, helping to improve operations, sales, and reduce administrative tasks. The company has grown quickly in the UK and plans to use the funding to expand into Europe and the US.

Stora CEO Gavin Shields highlighted the company’s recent successes: “Stora has grown rapidly and is now used by almost 20% of the self-storage facilities in the UK. This funding will help us invest in continued innovation as we expand the business into new geographies and customer segments. In the last six months, we have almost doubled our team to 22 full time staff as we invest to accelerate this growth”

The IFNI, launched by the British Business Bank, aims to fill funding gaps and support economic growth in Northern Ireland. The €84.7 million fund provides financial help, including debt finance and equity investments, for businesses at all stages of growth. The €39.9 million equity fund, managed by Clarendon Fund Managers, can invest up to €6 million in smaller businesses.

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Other companies benefiting from IFNI’s first year include the medtech company Cirdan, data provider INQDATA, and the Belfast-based Cocktail Keg Company.

Senior Investment Manager Sian McLaughlin of Clarendon Fund Managers remarked: “We have seen a huge amount of interest from companies exploring equity as a strategic tool for business growth and it has been very encouraging to see that interest coming from businesses in multiple industries and from all parts of Northern Ireland. As we head into a new year we have a number of other deals in progress and a strong pipeline of prospects, but we continue to welcome approaches from businesses with an appetite for expansion.”

This investment is an important milestone for Stora, showing that startups from Northern Ireland have the potential to succeed in international markets.

Mark Sterritt, Director of Nations and Regions Investment Funds at the British Business Bank, noted: “It has been a very successful first year for the Investment Fund for Northern Ireland. In addition to the £5.95m in equity finance deployed, the debt funding element of IFNI takes the total investment in Northern Ireland companies to over £10m. Our fund managers have been doing an excellent job and it is encouraging to know there is a strong pipeline of equity and debt funding deals to come. 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.”

About Stora

Stora is a complete self-storage platform that helps boost sales, lower costs, and save time. It provides a customizable website with an easy rental and payment process. Invoicing and billing are fully automated, allowing you to earn money even when you're not working.