Business

Tech accelerator teams raise £1m in funding during Ignite programme

Pictured ahead of the Ignite NI Accelerator showcase are (from left) Fearghal Campbell (Pitchbooking), Swati Sharma (Sparkinity), Russell Barnard (Snappd), Andrew Trimble (Kairos), Cormac Quinn (loyalBe), Barry Lynch (Gig Grafter), Eddie Holmes (Unissu), Cathy Craig (Incisiv) and Frank Kilpatrick (BluDot Technologies)
Pictured ahead of the Ignite NI Accelerator showcase are (from left) Fearghal Campbell (Pitchbooking), Swati Sharma (Sparkinity), Russell Barnard (Snappd), Andrew Trimble (Kairos), Cormac Quinn (loyalBe), Barry Lynch (Gig Grafter), Eddie Holmes (Unissu), Pictured ahead of the Ignite NI Accelerator showcase are (from left) Fearghal Campbell (Pitchbooking), Swati Sharma (Sparkinity), Russell Barnard (Snappd), Andrew Trimble (Kairos), Cormac Quinn (loyalBe), Barry Lynch (Gig Grafter), Eddie Holmes (Unissu), Cathy Craig (Incisiv) and Frank Kilpatrick (BluDot Technologies)

NINE of Northern Ireland’s most promising tech start-ups have raised more than £1 million in funding during the current edition of Ignite NI’s intensive business accelerator programme.

The figure was unveiled at the Ignite NI Accelerator showcase in Ormeau Baths, which enabled the teams to bring their innovative tech and digital businesses to the attention of business leaders, stakeholders and investors.

The showcase marks the end of the current 12-week accelerator. Supported by Invest NI, the programme is designed to help established early stage technology companies to develop, grow and scale to a point where they are equipped to raise further investment of between £250,000 and £2.5 million.

Each of the nine companies had the opportunity to deliver a three-minute pitch to the assembled audience. Ahead of the showcase, the teams also pitched to 60 top-tier international investors during visits to San Francisco, Dublin and London.

Chris McClelland, Programme Director of Ignite NI said: “This year’s accelerator teams have made exceptional progress and demonstrated their potential, with several of the companies actually managing to close funding rounds during what is an intensive learning process and others currently on the verge of securing investment.

“In the three months, the teams have benefitted from feedback from more than 200 business leaders, some of whom are founders of businesses generating $1 billion dollars a year in revenue. This input will be invaluable as the start-ups begin to scale and break into global markets.”

This year, five companies from cohorts one and two will compete for the opportunity to spend an additional three months in San Francisco, the global hub of the technology world, as part of the Ignite NI 'Landing Pad' initiative.

This new initiative will allow founders to explore the US market, the possibilities of raising funds from US investors and to gain a first-hand understanding of what is required to launch in the US.

Invest NI director Niall Casey said: “The Landing Pad will support our accelerator teams to reach new levels of success. I'm confident with the support and drive of Ignite it will deliver stronger, more capable high potential start-ups, ultimately benefitting the local economy."