Kernel Capital and BoI launch €29m fund to invest in northern SMEs

Cork-headquartered investment firm Kernel Capital has continued its expansion and its relationship with Bank of Ireland through the launch of a £25m (€29m) venture capital fund; aimed at investing in SMEs north of the border over the next five years.

The new Bank of Ireland Kernel Capital Growth Fund (NI) is one of two into which local development agency, Invest NI is pumping a combined £30m; giving them the potential to invest £48m in Northern-based SMEs up to 2018.

Kernel Capital — which also has offices in Cork and Belfast — will manage the new fund, with Invest NI and Bank of Ireland acting as cornerstone investors.