- Since 2024, Whiterock has invested £70 million in companies in Northern Ireland through two funds.
- The British Business Bank supports the funds and provides 60% of the £75 million equity fund.
- Whiterock has invested £40 million in equity in 15 companies and has provided £30 million in loans to 60 companies.
Whiterock launched in 2012 and operated exclusively as a debt provider for its first eight years. It began expanding into equity in November 2020 with a minority investment in Artemis Human Capital.
Since early 2024, Whiterock has accelerated this strategic transition, deploying £70 million into Northern Ireland businesses across two distinct vehicles, comprising £40 million in equity investments and £30 million in debt financing.
The £75 million Growth Capital Fund has invested £40 million in 15 companies, including Drinksology, Kirker Greer, Mantis and Around Noon.
Together with the Investment Fund for Northern Ireland, Whiterock manages the debt fund, which has granted £30 million in loans to 60 companies, including Neighbourhood Café, Nomadic Watches, Axial3D and BLK BOX. Overall, Whiterock manages more than £255 million across its five funds, has invested over £190 million, and has raised over £150 million from other investors.
Paul Millar, Whiterock’s chief executive, said, “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.” Millar added.
Strategic pivot from debt to equity
Whiterock’s investment leadership team includes three core partners: Rhona Barbour, David McCurley, and Neil McCabe. Reflecting on the firm’s evolution, McCurley noted: “Whiterock historically operated as a debt fund manager before expanding into equity with our Growth Capital Fund in 2024. Having both equity and debt funds allows us to support businesses at different stages and offer flexible funding structures.”
The first three funds Whiterock set up were loan funds: the Growth Loan Fund of £55 million, the Growth Loan Fund II of £30 million, and the Growth Finance Fund of £37.5 million. Whiterock states that these funds backed 178 companies and created 2,980 jobs.
Artemis marked Whiterock’s first step toward equity, but the dedicated shift took off in March 2024 with the launch of the £75 million Growth Capital Fund. The fund provides equity investments between £1 million and £5 million for minority stakes in growing businesses.
McCurley stated in January 2026 that total financing can reach £7.5 million through co-investment options. The fund made its inaugural deal in November 2024, backing Belfast-based drinks design company Drinksology Kirker Greer with a £6.5 million investment.
In 2026, Whiterock acquired a minority interest in Around Noon, a food-to-go business based in Newry, set up more than 30 years ago by the Chambers family. The company’s sales were £81 million in 2024, according to The Grocer.
On the lending side, Neighbourhood Café reopened in February 2025 in larger premises on Donegall Street in Belfast with a loan from Whiterock. The company says the café is on course to more than double its revenue in 2026, its first full year in the new location, and that it serves an average of 11,000 guests each month.
Government money anchors both funds
The UK government, which fully owns the British Business Bank, contributed £45 million to the Growth Capital Fund as part of its Enterprise Capital Funds programme. This amount represents 60 per cent of the total £75 million. The remaining £30 million came from private investors, including several local family offices and wealthy individuals, according to the bank’s launch announcement.
Tech Funding News reported in June 2025 that the UK government had committed £6.6 billion in new capital to the bank for innovation and regional growth.
On the lending side, the Investment Fund for Northern Ireland debt facility is backed by £30 million from the British Business Bank, alongside £29.2 million committed by Invest NI in December 2025. This brought the total debt fund to nearly £60 million, dedicated to supporting Northern Ireland businesses with viable growth plans.
Sue Barnard, a senior investment manager with the British Business Bank, said, “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.”
A quicker pace in a growing market
The equity fund is moving faster than had been expected. When Whiterock was launched in March 2024, its objective was to back 15 to 20 companies over a five-year period. By January 2026, it had put in £25 million in 11 deals. The most recent figure shows that £40 million has been invested in 15 companies, thus reaching the lower end of the target range within less than three years.
While Whiterock supports high-growth technology ventures, McCurley emphasises that the firm maintains a sector-agnostic strategy: “We back ambitious management teams across a broad range of sectors, including technology, medtech, advanced manufacturing, consumer products, and traditional services.”
Describing the region’s tech ecosystem, he added: “Northern Ireland has a vibrant and growing technology sector with strong founders, world-class research coming out of Queen’s University Belfast and Ulster University, and a highly skilled workforce.”
Of the seven companies mentioned in the announcement, only Mantis and Axial3D are mainly engaged in the technology sector. The rest produce drinks, food, hospitality services, watches, and fitness equipment. The January 2026 update from Whiterock also pointed out medtech companies such as Neurovalens and Cumulus.
Other funds also operate in the Belfast market. The Clarendon Fund Managers handles the equity portion of IFNI, committing up to £5 million to each company, and led a $5.1 million round for Reform RX in September 2024.
Iona Star, a venture firm with offices in London and Belfast, announced a £22 million first closing in October 2024 for an AI and data fund aiming to raise £40 million in total, with investments ranging from £1 million to £3 million. IFNI has also backed the healthcare technology company Cirdan, which raised £7.5 million with 57 Stars in October 2024.
Explaining Whiterock’s market position relative to peers like Clarendon Fund Managers and Iona Star, McCurley highlighted the firm’s broader capital spectrum and hybrid scope: “Unlike early-stage equity investors or purely debt-focused lenders, Whiterock offers both growth equity and debt capital across a wide range of ticket sizes (£25k to £5m). This breadth allows us to support businesses through multiple stages of growth rather than focusing on a single niche.”
Looking ahead as the initial £75 million fund deploys ahead of schedule, Whiterock is already preparing for its next phase. “Given the rapid deployment and strong demand from local businesses, planning is underway for a successor Fund II,” McCurley concluded, ensuring continuity for Northern Ireland’s expanding growth capital market.
