The Northern Powerhouse Investment Fund (NPIF) is celebrating reaching another milestone with more than £10m now invested across the Northern Powerhouse region. Launched at the end of February 2017, NPIF supports regional entrepreneurship to create economic prosperity in the North of England. NPIF investments are provided through appointed fund managers which have already provided funding and support to over 90 businesses.
The business communities in Yorkshire, Humber and Tees Valley have reacted positively to NPIF with corporate finance advisors, the Growth Hubs, banks, and accountants all referring clients to the funds. This is already making a real difference to small and medium businesses looking for funding options for the next step on their growth journey.
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 – Enterprise Ventures Equity Finance. The fund is managed by Enterprise Ventures, part of Mercia Technologies.
The company, which has developed an innovative mobile app platform, Swiftcloud, will be using the investment to scale up its operations as it seeks to significantly expand its sales force.
Over the last six months, NPIF fund managers have provided finance to a number of high-profile businesses across a range of sectors, including a £250,000 loan to Humber-based engineering firm, Allied Protek and an investment in Teeside based ENEX Group which manufactures and supplies Mechanical Safety Interlocks and Process Safety Systems to the oil and gas industry.
Jake Berry, Northern Powerhouse Minister, said: ”It’s fantastic to see that so soon after we launched the Northern Powerhouse Investment Fund it’s already provided £10 million to support Northern businesses. The Fund is a great example of what can be achieved when the Government and businesses work together and is all part of our plan to boost the northern economy, creating more jobs and attracting investment in the region.”
Keith Morgan, CEO of British Business Bank, said: “The North of England has long been a key region for innovation and economic growth in the UK. The Northern Powerhouse Investment Fund is now providing the financial backing to tap the growth potential of businesses across the North, helping both the regional and the national economy.
“Passing this £10m funding milestone in such a short space of time since launch is a fantastic achievement for the fund, our fund managers, and our partners in the 10 participating Local Enterprise Partnerships.”
James Clarkson, CEO of Adventoris, said: “With this investment from NPIF – Enterprise Ventures Equity Finance, we will be able to scale up the company’s operations and expand our client portfolio of high-profile companies.
“There is a large range of funding options available for SMEs in the region, however we found working with NPIF to be the right option for our circumstances and needs.”
Roger Marsh OBE, Chairman of the NPIF SOB andChair of the Leeds City Region Enterprise Partnership (LEP) said: “I am delighted that we have hit this investment milestone and that businesses from across the region and the North of England are benefiting from this support. Supporting growing businesses is at the heart of the LEP’s work to transform the region’s economy and access to the right finance is key to achieving this.”
The Northern Powerhouse Investment Fund provides microfinance, debt and equity investments, ranging from £25,000 to £2m to help a range of small and medium sized businesses to start up, scale up or stay ahead. The Northern Powerhouse Investment Fund is delivered by The 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.
Photo Caption: Left to right – Ashwin Kumaraswamy, Enterprise Ventures, Keith Morgan, British Business Bank, James Clarkson, Adventoris, Mark Wilcockson, British Business Bank
Enterprise Ventures Limited is authorised and regulated by the Financial Conduct Authority (FRN: 183363). EV Business Loans Limited is authorised and regulated by the Financial Conduct Authority (FRN: 443560).