Steven Scullion, Director, Corporate Finance
Why access to finance matters for tech start-ups
Without financial assistance, many start-ups and small and medium enterprises (SMEs) struggle to reach their full potential.
Last year, we announced a further £130 million investment in Access to Finance funds. This funding is expected to leverage an additional £180 million in private investment over five to ten years, bringing total potential investment to over £310 million.
Since the launch of each fund, investments have been made in 149 businesses. Here, we focus on three technology companies which have received equity investment totalling £1.8 million through our Techstart Ventures fund.
Boosting entrepreneurship
The NI SME Access to Finance Report 2026, published by Enterprise Northern Ireland and the British Business Bank, shows that 18% of SMEs in Northern Ireland experienced difficulties accessing finance. This is a slight improvement compared to previous years, and is similar to Wales (19%), but still higher than Scotland (13%).
Micro businesses and SMEs are often seen as higher risk by mainstream lenders, making it harder for them to secure funding. This challenge is even greater for technology start-ups, where returns can take longer to materialise. However, tech-based businesses are more likely to be innovative and can drive major technical and digital advances in key sectors such as life and health sciences, agrifood, aerospace, the green economy and financial services.
We want to help more innovative enterprises in Northern Ireland by giving entrepreneurs the opportunity to develop and implement new ideas, concepts and business models.
Our three funds are part of our wider support to help more entrepreneurs: the NI Small Business Loan Fund III, offering loans up to £125k; Co-Fund III, a £39 million equity fund which invests with private investors on a deal by deal basis; and Techstart Ventures, which includes a £48 million equity fund and a £7.2 million Proof of Concept grant fund to support innovation-led enterprises. Invest NI is also jointly funding the Investment Fund for Northern Ireland with British Business Bank – a £59 million fund offering loans between £25k and £2 million.
The impact of accessible finance
Access to finance helps small businesses transform their ideas into real commercial opportunities. It also supports research and development (R&D) for innovation, opening doors to new markets and customers, and assists with scaling up operations or improving efficiency.
Three companies that have successfully raised investment from the £48 million Techstart Ventures fund are Optik AI Ltd in Derry, farmdrive in Antrim and Foresight in Belfast. Each has developed innovative software that improves productivity, reduces manual processes and draws on industry expertise to meet customer needs.
They explain below how the investment will help them move their business forward.
The team behind Optik AI identified a growing demand for AI-driven go-to-market (GTM) technology.
Optik AI is a human-guided, AI-amplified GTM execution platform built to help software as a service (SaaS) teams discover and qualify leads, enrich data, run targeted outreach, and manage analytics and revenue.
With support from Techstart Ventures, Optik AI aims to accelerate platform development and make further investment into its proprietary AI intelligence layer. This layer is designed to guide users through proven GTM processes, continuously learn from live execution data, and provide actionable insight that drives performance and success.
The company’s long-term ambition is to build a best-in-class intelligence engine that actively improves outcomes for its users. It will also strengthen its marketing strategy and expand its Northern Ireland-based team as it targets new global markets across Europe and the US.
“The demand for AI-driven sales technology is rapidly increasing and Techstart Ventures funding is helping us to accelerate the development of our software in line with this, optimising our product to target new global markets across Europe and the US. Invest NI is also supporting us to create five new jobs, so that we can build our team in tandem with our business growth.” – Optik AI
farmdrive is a livestock management platform designed to simplify farm administration. Inspired by their own family farm experience, cofounders Gareth Gordon and Gareth McDonald developed the software to help farmers manage compliance, animal records and other essential paperwork.
farmdrive will use the investment to expand across Europe and accelerate further product development. As part of the company’s growth plans, the business is recruiting a digital marketing manager, software engineers, and a client manager. The team will also participate in UK and European trade shows and develop enterprise partnerships.
“At this early stage of development, having the support from Techstart Ventures has been instrumental. Their proof-of-concept grant allowed us to validate our market opportunity and accelerate product development which helped transform our vision into something real. The momentum we gathered ultimately culminated in farmdrive’s £1m fundraise, which Techstart led with a £690k investment. Techstart’s backing will enable us to scale across the UK and Europe, expand our engineering, data and customer success teams, further enhance our product capabilities, and strengthen our real-time traceability and sustainability reporting.” – farmdrive
Foresight is a regulatory intelligence platform that helps manufacturers respond to accelerating regulatory change. From PFAS (known as ‘forever chemicals’) in consumer goods to microplastics in oceans, governments are strengthening rules that increasingly shape the products we use every day. Foresight turns complex global regulation across chemicals, health and safety, and sustainability into clear insights that enable manufacturers to stay ahead of risk.
Founded by CEO and Co-founder Steven Brennan, drawing on experience in aerospace and at the European Chemicals Agency, Foresight is building the system of record for regulatory risk in manufacturing, helping industry protect people, the planet and long-term growth.
“Foresight is a leading regulatory intelligence platform already delivering measurable value to global manufacturers and defence organisations. Techstart’s support allows us to accelerate growth, create high-value jobs and scale our impact internationally.” – Foresight
Techstart Ventures will support each business as it delivers its growth plans, with an experienced investment manager providing ongoing advice and guidance.
Access to finance support
If you are an innovative start-up or early-stage business with global ambitions, you can contact Techstart Ventures to discuss potential options for funding.
You can read more about Invest NI assistance here. You can also find out more about different types of finance on nibusinessinfo.com.
Invest Northern Ireland is not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). Funding is provided by independent fund managers/providers who set terms and eligibility. You should review the provider’s documentation carefully and consider taking independent professional advice.
About the Author - Steven Scullion, Director of Corporate Finance
Steven is a Chartered Management Accountant with extensive banking, accounting and fund administration experience. He formerly worked as an Ulster Bank Relationship Manager, IQ-EQ Senior Fund Accountant and Senior Management Accountant at Allen & Overy. Steven is currently Corporate Finance Director at Invest NI, leading the Access to Finance Programme and supporting business growth across Northern Ireland ecosystem-wide initiatives.
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