£4 million added to Northern Ireland spin-out fund

Enterprise minister Arlene Foster has announced an additional £4 million in funding for Northern Ireland spin out funds.

The money will be given to the Invest Growth Fund and the Proof of Concept Fund, which will each receive £2m.

The Invest Growth Fund is a venture capital fund that focuses on early stage businesses with growth potential. It already has £5m. The Proof of Concept Fund helps individuals, “micro-businesses”, and small and medium-sized enterprises at a pre-commercial stage to demonstrate the business potential of concepts developed through in-house research. It already has £3m.