Invest NI - NISPO II Fund Manager for SME's and Universities

Tender description

Invest Northern Ireland (Invest NI) is the economic development agency for Northern Ireland. It is working in partnership with the University of Ulster and Queen’s University Belfast (QUB) to procure bids for NISPO II. Through this tender Invest NI and the universities propose to establish NISPO II, an integrated suite of equity and grant funds and a capability programme for Investment Awareness. An economic appraisal has been completed, which provides evidence that there is actual and potential demand for £23.6 million equity and grant funding. This comprises a £13 million SME equity fund, two university funds of £3 million in total and a £7.6 million Proof of Concept grant fund; there is also a capability gap for investment awareness. The objective of NISPO II is to provide: • A £13 million SME equity fund for seed and early stage investment; potential investee companies will be technology based, demonstrating high growth potential and export prospects; Invest NI is the sole investor in the fund although match funding of no less than 30% from private investors is required on a deal for deal basis; • Two university funds of £1.5 million each for post Proof of Concept investments to spin out from or spin in to the universities and commercialise research/intellectual property; typically at seed stage. Potential investee companies will be technology based and have evidence of high growth potential. Invest NI will be a limited partner alongside each university for its specific equity fund; • A £7.6 million SME Proof of Concept grant fund where individuals or SMEs can demonstrate the need for the testing of an innovative concept in order to prove it pre commercialisation; and • An Investment Awareness Programme to address cultural resistance to third party equity investment – to create awareness, to educate and to improve investment readiness.