Self-Storage Software Firm Stora, Based in Ireland, Raises £1.3M to Accelerate Growth in Europe, USSelf-Storage Software Firm Stora, Based in Ireland, Raises £1.3M to Accelerate Growth in Europe, US

Stora, a Belfast-Ireland-based provider of self-storage management software, has raised £1.3 million to accelerate its growth in Europe and the United States. The funding round was led by Investment Fund for Northern Ireland (IFNI) and other entities, according to sources.

The IFNI was launched by British Business Bank to deliver £70 million of new capital to small businesses. Its goal is to address funding gaps by offering a range of financial options such as debt and equity investments. Clarendon Fund Managers Ltd. oversees the endowment, which can provide recipients with up to €6 million, the sources reported.

“This funding will help us invest in continued innovation as we expand the business into new geographies and customer segments,” Stora CEO Gavin Shields said.

“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,” said Mark Sterritt, director of nations and regions investment funds for British Business Bank.

“We’ve seen a huge amount of interest from companies exploring equity as a strategic tool for business growth, and it’s been very encouraging to see that interest coming from businesses in multiple industries and from all parts of Northern Ireland,” said Sian McLaughlin, senior investment manager of Clarendon.

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Stora offers a self-storage management and automation platform that’s designed to streamline operations, enhance sales and reduce administrative tasks. The company has customers in Europe, the U.K. and the U.S. Shields also owns StoreStuff, which operates self-storage facilities in Dungannon and Portadown, Northern Ireland.

Founded in 2014, British Business Bank is owned by the Department for Business and Trade but operates independently. It provides financial services to small businesses across the U.K.

Belfast, Ireland-based Clarendon is a venture capital-fund manager that’s authorized and regulated by the Financial Conduct Authority. It manages £94 million in regional venture capital funds in Northern Ireland and has invested in more 80 companies since 2001.

Sources:
EU-Startups, Northern Ireland’s Storage Tech Disruptor Stora Software Raises €1.5 million
UKTN, Stora Raises £1.3m in Round Led by Investment Fund for Northern Ireland