Belfast software firm SaltDNA in boost from Co-Fund NI

Brian Cummings, left, Clarendon Fund Managers with Kevin Donaghy, CEO of SaltDN marking the milestone

BELFAST based software firm SaltDNA has received a major funds boost after created the first encrypted mobile communications solution built for corporate use.

The Co-Investment Fund - created by Invest NI and managed by Clarendon Fund Managers - which provides up to 50 per cent of equity investment alongside 50 per cent from private investors, worked with its 200th private investor on the deal.

SaltDNA has raised more than £1m of investment altogether.

Welcoming the milestone, enterprise minister Jonathan Bell said: “This is an excellent achievement and demonstrates that Co-FundNI continues to play a vital role in Invest Northern Ireland's wider access to finance portfolio.

“To date the fund has invested £8.8million into 28 companies, alongside £12.1million match funding from private investors. This demonstrates that business angels and indeed other sources of private investment, are playing an increasingly important role in the development of young high potential companies that are seeking equity finance to pursue growth in export markets.”

Brian Cummings, investment director at Clarendon Fund Managers added:"It has been another exceptional year for Co-Fund NI. Since receiving the top up in funding at the end of 2014, we have come to the end of a busy 12 month period. We have invested £2.3m alongside £2.9m of private investment across 25 investment rounds.

“This means we have been the most active local source of equity funding in the last year. We have seen several exciting portfolio companies start to ‘scale-up’ and attract significant investment rounds from corporate and institutional investors.”

In addition to SaltDNA, Co-Fund NI has supported, a Portadown based on-line comparison site that enables drivers to compare price and services offered by garages and was the first institutional investor into Cirdan Imaging which recently secured £3.5m of investment including £900,000 from software firm Kainos.

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