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Back to Northern Powerhouse Investment Fund News – Issue 16

Foreword

It has been another active quarter for the Northern Powerhouse Investment Fund (NPIF), as our fund managers delivered more than 55 new investments with a collective value of more than £16m.

Amongst these were several equity transactions, including a £2m NPIF – Maven Equity Finance package to Salford-based SaaS cyber security business Ideiio. An £850,000 investment round led by NPIF – Mercia Equity Finance was also made to  Sheffield-based Arquella, a tech solutions company for the care industry.

This quarter also marked the publication of a new joint-research report entitled ‘Backing Innovation-Led Businesses: the role of public investment’, that revealed how programmes delivered by the British Business Bank, UK Research & Innovation and Innovate UK play a critical role in supporting innovation-led businesses.

NPIF was referenced throughout the report which showed:

• 36% of businesses that secured equity investment from NPIF have received additional funding for R&D projects from Innovate UK and research council spinouts;
• 93% of surveyed equity recipients and 53% of debt recipients reported increased investment in R&D following NPIF investment ;
• 68% of NPIF debt recipients reported the introduction of more efficient processes and 65% introduced new products and services.

These findings demonstrate the importance of backing innovation across the North and giving companies a springboard to develop new products and services. We have seen some strong examples of NPIF-backed businesses being supported through R&D project funding, including Relative Insight, Slingshot Simulations and Materials Processing Institute, among others.

Our teams have also been engaging with businesses across the regions through a series of Stronger North Roadshows to help raise greater awareness of the NPIF funding options.

In these sessions, attendees were provided with detailed information about the type of funding available, how it can be utilised, as well as guidance from NPIF fund managers on how to create a quality application.

The next stop on our roadshow will be hosted in partnership with the Cumbria Business Growth Hub on 13^th October 2022 at Castle Green Hotel in Kendal. We encourage any business thinking about investment to attend as this will provide an excellent opportunity to find out more about the funding options available.

I hope you enjoy the latest edition of our newsletter, where you can learn more about the recent success of JH Mechanical Services, as well as our reflections on the last five years of the Fund.

Catherine Lewis La Torre, CEO, British Business Bank

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.

Editors Notes