Two Yorkshire firms latest to receive Northern Powerhouse Investment Funds
The Northern Powerhouse Investment Fund has now invested more than £10m across the Northern Powerhouse region – with two Yorkshire firms recently receiving a combined £750,000.
Huddersfield-based software company, Adventoris, recently received a £500,000 investment fund. The company, has developed an innovative mobile app platform.
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.”
Over the last six months, NPIF fund managers have provided finance to a number of businesses across a range of sectors, including a £250,000 loan to Humber-based engineering firm, Allied Protek.
Launched at the end of February, 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 more than 90 businesses.
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.”
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 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. It is delivered by The British Business Bank and 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.
