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Venture Capital
clarendon-fm.co.uk

Investments

60

Portfolio Exits

2

Funds

5

Partners & Customers

1

About Clarendon Fund Managers

Clarendon Fund Managers Limited is venture capital fund manager based in Belfast, which is authorised and regulated by the Financial Services Authority. Clarendon has £13.5 million of funds under management, with an investment focus on innovative SMEs based in Northern Ireland. It is the appointed Fund Manager for the Viridian Growth Fund LP, which was established in August 2001, and it also manages the Nitech Growth Fund LP, which was established in February 2003. Clarendon have invested £11.5 million in 25 companies from the two Funds under management across a wide range of sectors including ICT (CRM, ERP, Data Quality), medical devices, biotechnology, communications, food industry, waste management, renewable energy and computer gaming.

Headquarters Location

12 Cromac Place 11-13 Gloucester Street

Belfast, Northern Ireland, BT7 2JB,

United Kingdom

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CB Insights Intelligence Analysts have mentioned Clarendon Fund Managers in 1 CB Insights research brief, most recently on Jul 16, 2020.

Latest Clarendon Fund Managers News

With 100 portfolio companies now under its belt, Northern Ireland's Co-Fund NI is bullish about the future

Jan 10, 2023

With 100 portfolio companies now under its belt, Northern Ireland's Co-Fund NI is bullish about the future Tech.eu Insights creates insight and guides strategies with its comprehensive content and reports. Browse popular Insights content. With 100 portfolio companies now under its belt, Northern Ireland's Co-Fund NI is bullish about the future Enterprise IoT company Kinsetsu is the 100th portfolio company of Co-Fund NI, an initiative managed by Belfast-based Clarendon Fund Managers and part-funded by the EU's European Regional Development Fund. A Northern Irish co-investment vehicle has disclosed its 100th portfolio company. The Belfast-headquartered Co-Fund NI initiative is currently Northern Ireland's most active equity investor having invested nearly 90% of its £47.3 million allocation, pouring over £42 million into Northern Irish startups since its inception in 2011. The funding, matched to a 35 - 65% split with private investors, has tracked Northern Irish investment rounds £285 million to date. The 100th investment came through a £1.55 million fundraise for Belfast-based enterprise automation and IoT sensors outfit outfit Kinsetsu , with the venture capital firm Par Equity leading the round. Co-Fund NI pitched in £300,000 for Kinsetsu's fundraise, which is also backed by the syndicate Business Angels. The funding is anticipated to help scale Kinsetsu's business model by enabling it to fulfil "large-scale contracts." Kinsetsu's CEO, Joanne O'Doherty , said: "This funding from Co-Fund NI has come at a very important time for our business. "In recent months we have secured a number of large contracts and this financial support will play a vital role in the expansion of our business operations. It will also support plans for further growth within the critical sectors we serve and help us to continue to provide positive change through our technology solutions.” Co-Fund NI is managed by Belfast fund manager Clarendon Fund Managers. It is also supported by an offshoot of Invest Northern Ireland, Northern Ireland's flagship investment programme, through the latter's Access to Finance LP fund portfolio. Also supporting Invest NI's contribution is the EU's European Regional Development Fund is also a participant, investing from a 2014 EU funding allocation intended to generate Northern Irish jobs and economic growth. Co-Fund NI also has a partnership deal with the UK's regional angel programme that's managed by British Business Investments,  a commercial subsidiary of the British Business Bank. In a European tech context that still suffers from massive gender inequalities, Co-Fund NI has managed to make headway on better representation of women. Claudine Owens , investment manager at Clarendon Fund Managers , noted female founders played a role in companies representing over 25% of the Co-Fund NI portfolio, including Kinsetsu. As for its other 99 investments, the vehicle extends into sectors like advanced manufacturing, engineering, financial services, healthcare, life sciences and digital IT. A Lisburn-based medical diagnostics imaging and informatics provider, Cirdan Imaging, was Co-Fund NI's initial investment. Cirdan Imaging  recently announced a key product launch in the US. "As an investor we are committed to supporting diversity and we’re proud that over a quarter of our businesses have a female founder," Owens said. "We’re particularly pleased to welcome female-founded business, Kinsetsu, as our 100th portfolio company.”

Clarendon Fund Managers Investments

60 Investments

Clarendon Fund Managers has made 60 investments. Their latest investment was in Surgery Hero as part of their Seed VC - II on November 11, 2022.

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Clarendon Fund Managers Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

11/14/2022

Seed VC - II

Surgery Hero

$2.36M

Yes

5

11/4/2022

Seed VC

Angoka

$2.73M

Yes

2

5/24/2022

Seed VC

Aramune Technologies

$1M

Yes

3

3/16/2022

Seed VC

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$99M

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10

11/5/2021

Series A

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$99M

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10

Date

11/14/2022

11/4/2022

5/24/2022

3/16/2022

11/5/2021

Round

Seed VC - II

Seed VC

Seed VC

Seed VC

Series A

Company

Surgery Hero

Angoka

Aramune Technologies

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Amount

$2.36M

$2.73M

$1M

$99M

$99M

New?

Yes

Yes

Yes

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Co-Investors

Sources

5

2

3

10

10

Clarendon Fund Managers Portfolio Exits

2 Portfolio Exits

Clarendon Fund Managers has 2 portfolio exits. Their latest portfolio exit was Heartsine on September 14, 2015.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

9/14/2015

Acquired

$99M

1

10/1/2004

Acquired

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$99M

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0

Date

9/14/2015

10/1/2004

Exit

Acquired

Acquired

Companies

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Valuation

$99M

$99M

Acquirer

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Sources

1

0

Clarendon Fund Managers Fund History

5 Fund Histories

Clarendon Fund Managers has 5 funds, including Co-Fund NI.

Closing Date

Fund

Fund Type

Status

Amount

Sources

12/31/2012

Co-Fund NI

Co-Investment Fund

Closed

$25.29M

1

12/31/2008

Nitech Growth Fund II

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$99M

10

12/31/2003

Nitech Growth Fund

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$99M

10

12/31/2001

Viridian Growth Fund

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$99M

10

Co-Fund II

0

Closing Date

12/31/2012

12/31/2008

12/31/2003

12/31/2001

Fund

Co-Fund NI

Nitech Growth Fund II

Nitech Growth Fund

Viridian Growth Fund

Co-Fund II

Fund Type

Co-Investment Fund

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Status

Closed

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Amount

$25.29M

$99M

$99M

$99M

Sources

1

10

10

10

0

Clarendon Fund Managers Partners & Customers

1 Partners and customers

Clarendon Fund Managers has 1 strategic partners and customers. Clarendon Fund Managers recently partnered with Ulster Bank on March 3, 2022.

Date

Type

Business Partner

Country

News Snippet

Sources

3/9/2022

Partner

Ireland

Ulster Bank and Clarendon Fund Managers partner to launch new investment initiative on International Women’s Day

Clarendon Fund Managers Limited | Ulster Bank and Clarendon Fund Managers Limited partner to launch new investment initiative on International Women 's Day .

1

Date

3/9/2022

Type

Partner

Business Partner

Country

Ireland

News Snippet

Ulster Bank and Clarendon Fund Managers partner to launch new investment initiative on International Women’s Day

Clarendon Fund Managers Limited | Ulster Bank and Clarendon Fund Managers Limited partner to launch new investment initiative on International Women 's Day .

Sources

1

Clarendon Fund Managers Team

1 Team Member

Clarendon Fund Managers has 1 team member, including current Chief Executive Officer, Paul Leonard.

Name

Work History

Title

Status

Paul Leonard

Chief Executive Officer

Current

Name

Paul Leonard

Work History

Title

Chief Executive Officer

Status

Current

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