We prepare SEIS advance assurance, the forecasts and the cap table, and the compliance statements after the round.
Raising investment in Northern Ireland
Co-Fund NI, Techstart and the Investment Fund for Northern Ireland invest in companies based here, alongside angels who can claim SEIS and EIS relief.
Most early-stage rounds in Northern Ireland are led by business angels, with Co-Fund NI adding up to half of the round on the same terms. Techstart invests from inception to pre-seed, and the Investment Fund for Northern Ireland offers equity of up to £5m. SEIS and EIS relief applies to the angels' share.
Who invests in Northern Ireland startups
- Business angels
- Individuals investing their own money, often in syndicates. The Halo Business Angel Network covers the whole island of Ireland, and SEIS and EIS relief applies to UK taxpayers investing in a Northern Ireland company.
- Co-Fund NI
- Managed by Clarendon for Invest NI, with £95m to invest alongside private investors in rounds of about £300,000 to £1.5m (Clarendon).
- Techstart Ventures
- Inception to pre-seed, first cheques of up to £750,000, leading, co-leading or co-investing (Techstart).
- Investment Fund for Northern Ireland
- A £70m British Business Bank fund: equity of up to £5m through Clarendon, and loans of £25,000 to £2m through Whiterock (British Business Bank).
- NI Small Business Loan Fund
- Unsecured loans of £10,000 to £125,000, delivered with Ulster Community Finance and Enterprise Northern Ireland as part of Invest NI's Access to Finance strategy (NISBLF).
- Start Up Loans
- A personal loan of £500 to £25,000 at a fixed 7.5% over one to five years, with up to 12 months of mentoring (GOV.UK).
Checked on 3 November 2026.
A worked example with Co-Fund NI
Take a Belfast software company raising £600,000, with four business angels leading the round. If Co-Fund NI takes its usual 35%, it puts in £210,000 and the angels put in £390,000 between them, on the same price and terms.
The angels' £390,000 is the part that can carry SEIS or EIS relief, because the reliefs are for individuals. If the company qualifies for SEIS and has not used it, the first £250,000 of the angels' money can be SEIS shares, issued before the rest of the round, with the remaining £140,000 under EIS. That needs advance assurance from HMRC before the round and compliance statements after it.
Co-Fund NI also asks what other public funding the company has received, because its investment is made under subsidy rules. A Founder Labs award or an Invest NI grant earlier in the year goes into that calculation, so the cap table, the grant history and the SEIS and EIS paperwork need to agree before the round opens.
Documents investors in Northern Ireland ask for
- A forecast of revenue, hires and cash by month, with the assumptions written down
- A cap table showing every shareholder, option and convertible
- HMRC's advance assurance letter, if the round is SEIS or EIS
- A list of every grant and public investment the company has received
- Up-to-date management accounts and the latest filed accounts
- The articles of association and any shareholders' agreement
Northern Ireland pages
- Startup accountants in Northern Ireland
- Our Ballymena office, the funding open to Northern Ireland startups now, and the rules that differ from the rest of the UK.
- Grants for startups in Northern Ireland
- Founder Labs, Ambition to Grow, the Business Innovation Grant and Go Succeed: what each pays and when it opens.
- Hiring your first employees in Northern Ireland
- The statutory dismissal procedure, fair employment registration and the full cost of a hire in Northern Ireland.
- Raising angel investment
- How an angel round works, from first meeting to completion.
Common questions
How does Co-Fund NI work?
Co-Fund NI invests alongside private investors and follows their terms. It expects investors to lead the round, typically takes 35% of it and at most 50%, and needs at least three business angels in an angel-led round. Its initial investment is no more than £500,000 (Clarendon Fund Managers).
Does Co-Fund NI's money qualify for SEIS or EIS?
SEIS and EIS relief is for individual investors, so only the angels' share of the round can carry it. The company still needs advance assurance and compliance statements for the angels' shares.
Who invests at pre-seed in Northern Ireland?
Techstart Ventures invests from inception to pre-seed in Scotland and Northern Ireland, with first cheques of up to £750,000 (Techstart). Business angels, including members of the Halo Business Angel Network, invest at the same stage.
Can a Northern Ireland startup borrow?
Yes. The NI Small Business Loan Fund lends £10,000 to £125,000 (NISBLF), the Investment Fund for Northern Ireland lends £25,000 to £2m through Whiterock (British Business Bank), and a Start Up Loan is £500 to £25,000 at a fixed 7.5% (GOV.UK).
Do investors outside Northern Ireland invest in NI startups?
Yes. SEIS and EIS relief is UK-wide, so an angel in London or Manchester gets the same relief on a Belfast company. Co-Fund NI also invests alongside angels from the Republic of Ireland and Great Britain.
