Investment facilitator hails record-breaking support for tech start-ups
Leeds-based non-profit group NorthInvest says it made a record-breaking investment of £9m in Northern start-ups, with 19 deals closed in 2020.
The investment facilitator and angel network operates across the North of England and has supported 565 innovative tech and digital start-ups to date, delivering over 640 free coaching and investor readiness sessions.
In response to Covid-19, the organisation hosted 11 virtual pitch events with partners the Innovation SuperNetwork, and 39 virtual community events across the year.
The success of 2020 was driven by NorthInvest’s growing angel network, with 144 private angel investor members onboarded, and key partnerships with some of Europe’s leading tech for good VCs, including Ada Ventures and Bethnal Green Ventures, and E2E Capital Ventures.
These partnerships will further NorthInvest’s existing mission to address the lack of diversity in the investment landscape and facilitate funding to overlooked entrepreneurs.
NorthInvest also co-founded Fund Her North to increase the flow of funding to women entrepreneurs from women in investment.
Fund Her North is a collective of 24 women in investment with a combined investment capacity of £450m.
The organisation has partnered with E2E Capital Ventures to increase its capacity to support follow-on deals.
NorthInvest facilitated £700,000 of follow-on funding in 2020 and is expecting to see this figure increase in 2021, as portfolio companies mature and pursue seed rounds through NorthInvest.
2020 also saw the conclusion of the Regional Angel Investor Accelerator programme.
This was a partnership between NorthInvest, Innovation SuperNetwork, North East BIC and the UKBAA, through which NorthInvest co-divested £780,000 in Innovate UK funding for 14 innovative tech start-ups alongside programme partners the Innovation SuperNetwork.
It encouraged angel investment in these successful applicants, with £915,000 leveraged in investor match funding from both the NorthInvest and Newcastle Angel Hub networks.
Founder of NorthInvest and Angel Investor, Professor Adam Beaumont, said: “NorthInvest has excelled this year and thrived during an uncertain economic climate.
“This is testament to the strength of – and need for – an easily accessible and collaborative funding model for grassroots investment.
“I very much look forward to seeing how far we can go in 2021 and continue our already impressive growth strategy.”
NorthInvest is one of the channel partners for the upcoming Invest North conference which is bringing together business and policy leaders from across the North to set the agenda for the region’s economic future.
