NPIF II Reaches £50m in Investments Across North England in 10 Months
Funding | Jan 17, 2025 | Business Cloud
The Northern Powerhouse Investment Fund II (NPIF II) has achieved a milestone of investing £50 million in over 130 businesses across the North of England within 10 months, following its launch in March 2024. This expansive fund, totalling £660 million, aims to bolster the regional economy by offering loans ranging from £25,000 to £2 million and providing equity investments up to £5 million. By supporting small and medium-sized enterprises (SMEs), NPIF II facilitates startups, expansions, and competitive positioning. Noteworthy investments include a six-figure loan to Southern Asset Management in Stockton-on-Tees for entering the onshore wind turbine testing and rail sectors. In Sheffield, Finlegal secured £2 million to expand its legal tech solutions internationally, while Cumbria-based Scrubmarine received £200,000 to enhance its underwater robotics technology. Ken Cooper, managing director at the British Business Bank, highlighted the fund's impact and its commitment to fostering innovation and opportunities for entrepreneurs across the region. NPIF II's efforts are geared towards sustainable economic growth and the promotion of local entrepreneurship within Northern England.
Sectors
- Investment Management
- Venture Capital
- Green Energy
- Technology
Geography
- United Kingdom – The article focuses on investments in the North of England, a region within the UK, through the Northern Powerhouse Investment Fund II.
- Northern England – Specific focus on businesses within the North of England receiving investments from the NPIF II, supporting regional economic growth.
Industry
- Investment Management – The article discusses investment activities by the Northern Powerhouse Investment Fund II, focusing on its role in financing businesses across Northern England.
- Venture Capital – NPIF II provides equity investments to support startups and innovations, highlighting its involvement in the venture capital sector.
- Green Energy – Investments in companies entering markets like onshore wind turbine testing align with efforts to support the UK's green energy transition.
- Technology – Funding of tech companies like Finlegal and Scrubmarine illustrates the focus on supporting technological growth and innovation.
Financials
- £50 million – Total investment amount made by NPIF II across over 130 businesses in 10 months.
- £660 million – Total fund size of the Northern Powerhouse Investment Fund II.
- £2 million – Investment amount raised by Finlegal from NPIF II for international growth.
- £200,000 – Investment amount received by Scrubmarine to develop its robotics technology.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Northern Powerhouse Investment Fund II | Investor | Companies | A £660 million fund providing loans and equity investments to businesses in Northern England. |
| Southern Asset Management | Beneficiary | Companies | Stockton-on-Tees-based company receiving funding to expand into green energy-related markets. |
| Finlegal | Beneficiary | Companies | A Yorkshire legal tech firm that received funding to boost its international client base. |
| Scrubmarine | Beneficiary | Companies | A Cumbria-based robotics company funded to improve its underwater cleaning device technology. |
| British Business Bank | Operator | Companies | Operator of the Northern Powerhouse Investment Fund II, facilitating investments in Northern England. |