Praetura Ventures Back Seven Northern Startups with $1.4 Million Funding
Deal News | Dec 06, 2024 | Business Cloud
Praetura Ventures and the Northern Powerhouse Investment Fund II have jointly invested £1.4 million into seven startups across various sectors through a cohort-based initiative called PraeSeed. This fund is aimed at supporting early-stage businesses in the North of England. PraeSeed was established to discover promising startups and early-stage companies, providing them with both finance and guidance in developing their business strategies and preparing for further investment opportunities. The programme initially hosted 12 startups, out of which seven were selected to receive £200,000 each for scaling their operations. The funded startups include innovative companies across fields such as AI, SciTech, app development, and machine learning. Among these are the Lancaster University spinout CCI Photonics, the University of Liverpool spinout Robotiz3d, and multiple technology and AI-focused startups from Manchester. The cohort was noted for its diversity, with a significant portion of the founders coming from female and BAME backgrounds. Jessica Jackson, PraeSeed's lead, noted the exceptional talent and diversity among the selected businesses, highlighting the program's success in fostering innovation and diversity in the region.
Sectors
- Venture Capital & Private Equity
- Technology & Innovation
- Business Services
Geography
- United Kingdom – The article focuses on investments made in startups located in the North of England, highlighting regional innovation.
- North of England – Specific geographic focus on the North of England, where the PraeSeed programme was conducted and investments were made.
Industry
- Venture Capital & Private Equity – The article highlights investments made by venture capital firms Praetura Ventures and NPIF II into early-stage companies.
- Technology & Innovation – The startups funded are primarily within the technology and innovation sectors, focusing on software, AI, and scientific advancements.
- Business Services – Involves the development of apps and solutions aimed at improving business processes, such as bid management and workforce management.
Financials
- £1,400,000 – Total investment made into the seven startups within the PraeSeed programme.
- £200,000 – Amount of funding each of the seven selected startups receives.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Praetura Ventures | Investing Company | Company | A Manchester-based venture capital firm co-founding the PraeSeed investment programme. |
| Northern Powerhouse Investment Fund II | Investing Company | Company | Co-investing in the startups with Praetura Ventures as part of its mandate to support growth in the North of England. |
| CCI Photonics | Target Company | Company | A Lancaster University spinout developing a testing method for infections to combat antimicrobial resistance. |
| Robotiz3d | Target Company | Company | A SciTech Daresbury-based University of Liverpool spinout focused on robotics solutions for infrastructure repairs. |
| North AI | Target Company | Company | Provides AI-driven decision support tools for media and entertainment industries. |
| Aquaint | Target Company | Company | Developers of a workflow and compliance app for the hospitality and food services industry. |
| ScrubMarine | Target Company | Company | Developing a submersible vehicle for marine cleaning operations. |
| BidScript | Target Company | Company | Creates software to streamline the bid management process with machine learning. |
| WAC | Target Company | Company | B2C app aiding hourly workers in tracking and verifying hours worked. |