Whiterock's $88M Bet on Northern Ireland's Hidden Gems

Jan de Vries · 2026-10-13

### Whiterock's Big Move: $88 Million for Northern Ireland SMEs Belfast-based fund manager Whiterock just made a major announcement: they've deployed €82 million (about $88 million) across two funds aimed at supporting small and medium-sized enterprises (SMEs) in Northern Ireland. Both funds are backed by the British Business Bank, and it's a clear sign that local businesses are getting the financial boost they need to grow. ### The Funds Behind the Investment The two funds making waves are the Growth Capital Fund and the Investment Fund for Northern Ireland. Together, they provide a mix of equity and debt financing to companies at various stages of growth. Paul Millar, Chief Executive of Whiterock, couldn't be more pleased: "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." He adds, "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." This milestone comes as part of a broader push by the British Business Bank to increase access to finance for UK businesses in 2026. EU-Startups has reported similar commitments to other fund managers, including €58 million to London-based Soho Square Capital, €46 million to FPE Capital, and up to €53.6 million to Zinc Capital Management. Combined, these commitments represent around €191 million in financing for investment managers supporting businesses at different growth stages. Including Whiterock's €82 million, that's approximately €273 million in reported activity. ### A Track Record of Success Since 2024, Whiterock has invested €47 million (about $50 million) into 15 companies through its €88 million equity fund, and a further €35 million (about $37 million) into 60 companies through its €71 million debt fund. Notable investments include Drinksology, MANTIS, Around Noon, Neighbourhood Café, Nomadic Watches, Axial 3D, and BLK BOX. One standout example is Neighbourhood Café. Since opening its new site in February 2025 with loan support, it's been on a tear, reportedly on track to more than double its revenue in FY26, its first full year from the expanded premises. The café now serves an average of 11,000 guests per month. That's a lot of coffee! > "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." – Sue Barnard, Senior Investment Manager at the British Business Bank ### What This Means for the Local Economy Whiterock's investments have had a ripple effect, leveraging over €177 million (about $190 million) in additional funding from other sources and supporting the creation of over 3,000 jobs. That's no small feat. Founded in 2012, Whiterock now manages over €420 million (about $450 million) across five funds. For SMEs in Northern Ireland, this means more than just money—it's about partnership and local expertise. As Millar puts it, "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." With the British Business Bank's continued support and Whiterock's proven track record, the future looks bright for Northern Ireland's business landscape. So if you're an entrepreneur in the region, keep an eye out—opportunities like these don't come around every day.