Whiterock deploys €82 million to support SME growth across Northern Ireland

Belfast-based fund manager Whiterock has announced their investment of €82 million (£70 million) in Northern Ireland SMEs across their two funds – both backed by the British Business Bank.

The two funds are the Growth Capital Fund and the Investment Fund for Northern Ireland.

Paul Millar, Chief Executive of Whiterock, says: “Whiterock has been supporting local SMEs’ growth for over 14 years, and our strong, dedicated team has spotted investment opportunities across multiple sectors from advanced manufacturing to tech to consumer products.

“We are an NI based funder with local knowledge, and we find that local businesses really value the insights and partnership that we bring to the table. We are proud of the resounding success of our equity and debt funds since they launched in early 2024 and we hope to continue working as the go-to strategic partner for local companies to achieve their growth ambitions.”

Whiterock’s investment milestone comes amid wider British Business Bank activity aimed at increasing access to finance for UK businesses in 2026.

EU-Startups has reported comparable commitments of €58 million to London-based Soho Square Capital, €46 million to FPE Capital, up to €11.5 million to Ascension Ventures, €11 million each to SFC Capital and Fuel Ventures, and up to €53.6 million to Zinc Capital Management.

Together, these commitments represent approximately €191 million in financing for investment managers supporting businesses at different stages of growth. Including Whiterock’s €82 million already deployed across Northern Ireland, the announcements account for approximately €273 million in reported financing activity.

EU-Startups previously covered Whiterock’s €7.7 million investment in Belfast-based Drinksology Kirker Greer and its €1.8 million funding package for Solarfix in 2024.

Sue Barnard, Senior Investment Manager at the British Business Bank, adds: “Reaching £70 million of investment in Northern Ireland businesses is an important milestone and demonstrates the impact that public and private finance can have in supporting ambitious smaller businesses to grow.

“Through the British Business Bank’s programmes, we are proud to work with fund managers such as Whiterock to increase access to finance for businesses that can drive jobs, innovation, and economic growth across the region. The breadth of businesses supported through these funds highlights the importance of a diverse funding landscape, and we look forward to seeing the continued impact of this investment across Northern Ireland.”

Founded in 2012, Whiterock manages over €420 million (£255 million) across five funds. Its Growth Capital Fund provides minority investments in scaling Northern Ireland companies, with capacity for further follow on funding as required.

Since 2024, Whiterock has invested €47 million (£40 million) into 15 companies across Northern Ireland, including Drinksology, MANTIS and Around Noon, through its €88 million (£75 million) equity fund and a further €35 million (£30 million) invested into 60 companies through its €71 million (£60 million) IFNI debt fund, supporting NI SMEs such as Neighbourhood Café, Nomadic Watches, Axial 3D and BLK BOX.

To date, the company has deployed in excess of €224 million (£190 million), which has leveraged over €177 million (£150 million) of further funding from other funders, and supporting the creation of over 3000 jobs.

A prime example of its investment thesis is Neighbourhood Café, which since opening its new site in February 2025 with loan support has delivered strong growth and is reportedly on track to more than double its revenue in FY26, its first full year of trading from the expanded premises. The business now serves an average of 11,000 guests per month across its café operations.

Building on this performance, management is focused on growing its events offering as a key driver of future revenue diversification and revenue growth.