Stora Raises $1.5M For Self-Storage Tech

Northern Ireland's Banbridge-based Stora Software has secured a total investment of €1.5 million, including €908k from the Investment Fund for Northern Ireland (IFNI) and €666k from other sources.

Founded to address the needs of self-storage facilities, Stora Software provides management solutions designed to streamline operations, enhance sales, and reduce administrative burdens. The company, which has rapidly grown its presence in the UK, plans to leverage the funding to expand its market reach into Europe and the US.

“Stora has grown rapidly and is now used by almost 20% of the self-storage facilities in the UK," said Stora CEO Gavin Shields. "This funding will help us invest in continued innovation as we expand the business into new geographies and customer segments. In the last six months, we have almost doubled our team to 22 full time staff as we invest to accelerate this growth”

The investment marks a significant milestone for Stora, reflecting the potential for Northern Ireland-based startups to make their mark on international markets.

“It has been a very successful first year for the Investment Fund for Northern Ireland," commented Mark Sterritt, Director of Nations and Regions Investment Funds at the British Business Bank. "In addition to the £5.95m in equity finance deployed, the debt funding element of IFNI takes the total investment in Northern Ireland companies to over £10m. Our fund managers have been doing an excellent job and it is encouraging to know there is a strong pipeline of equity and debt funding deals to come. The latest deal with Stora Software is an excellent example of how the fund supports innovative companies throughout Northern Ireland to take the next step on their growth journey.”

Visit the Stora website here.