The North West Fund invests nearly £21m
THE North West Fund has invested £20.9m in businesses across the region in the first nine months of 2015, signalling an increased appetite from companies looking to obtain funding.
In the last three months, the Fund has invested £5.6m into local companies – a 47% increase on the £3.8m invested over the same period last year.
The Fund’s chief executive Cliff Maylor said: “These results are testament to the hard work and commitment of each of our individual fund managers.
“We are now on track for a strong Q4 with some exciting deals in the pipeline, and we’re confident that we will achieve our goal of £32m invested by the end of 2015.”
The North West Fund, which is supported by the European Investment Bank and European Regional Development Fund, typically provides finance from £25,000 to £2m for businesses. Since its inception in 2010, the Fund has provided in excess of over £132m into over 400 companies in the North West of England.
A recent investment includes the £250,000 equity funding to Macclesfield-based music technology company Beatroot Music from The North West Fund for Digital & Creative. This will enable the firm to expand its team, enhance its infrastructure and roll out its services across the music industry.
The Loans Plus Fund, managed by FW Capital, has also provided a £250,000 boost to Jones AV, an international medical systems integrator based in Birkenhead.
Maylor added: “The breadth of companies that we get to work with is what makes it so exciting. The recent Conservative Party Conference has served as a significant boost for the North West and has provided us with an excellent platform to continue our work with some of the most ambitious businesses in the local area.”
