The £400m Northern Powerhouse Investment Fund is set to celebrate another milestone after investing almost £20million in high-growth businesses across the Northern Powerhouse region.
The significant achievement follows the £10m milestone achieved in September, which was announced by British Business Bank CEO Keith Morgan as he spoke to an audience of several hundred entrepreneurs, investors and local businesses at Venturefest Manchester.
Mayor of Greater Manchester Andy Burnham, who welcomed delegates at the event, later commended NPIF, saying: “As we look to rebalance our country’s economy, this fund’s approach can show the benefits that investment in the North has locally and across the UK.”
Since NPIF’s launch in February, appointed fund managers have provided funding and support to over 100 businesses across a wide range of industries, including technology, advanced manufacturing and renewable energy. The additional finance has enabled these businesses to take the next step on their growth journey, whether that be through the launch of a new product, expansion into a new market or investment in new facilities.
One of the latest investments to edge the Northern Powerhouse Investment Fund towards this significant milestone was a £500,000 funding round into Huddersfield-based software company Adventoris, which includes investment from NPIF – Mercia Equity Finance.
Roger Marsh OBE, Chairman of the NPIF SOB and Chair of the Leeds City Region Enterprise Partnership (LEP), said: “I am delighted that we have hit this investment milestone and that Adventoris as well as other businesses across the region are benefiting from this support. NPIF is allowing businesses to flourish and that is very pleasing to see.”
According to James Clarkson, CEO of Adventoris, the investment will be used to scale up the company’s sales operations as it seeks to significantly expand its sales force. He also added: “While there is a large range of funding options available for SMEs in the region, we found working with NPIF to be the right option for our circumstances and needs.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
Photo Caption: Left to Right – Jonathan Sherlock (Operations Director, Engage Hub), Dave Furlong (Investor Director, Maven), Keith Morgan (CEO, British Business Bank), Andy Burnham (Mayor for Greater Manchester), Ray Sherlock (Director, Engage Hub), Tom Morgan (Investment Associate, Maven).
Maven Capital Partners UK LLP is authorised and regulated by the Financial Conduct Authority, Firm Reference Number 495929
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