Praetura Ventures Injects £1.4M into Northern Startups
Deal News | Dec 12, 2024 | praetura ventures
PraeSeed, an investment program launched by Praetura Ventures and funded by Northern Powerhouse Investment Fund II, has invested £1.4 million into seven startups in the North of England. The program aims to nurture early-stage businesses by providing not only financial support but also guidance on scaling, market strategies, and financial modeling. Companies like CCI Photonics and Robotiz3d are among the beneficiaries, focusing on innovative solutions in life sciences and autonomous technology, respectively. The initiative underscores the diverse entrepreneurial talent in the region, with a significant percentage of the startups led by female and BAME founders. Legal guidance was provided by firms like DWF Law LLP and Irwin Mitchell LLP to structure the deals. The project highlights the Northern Powerhouse Investment Fund's intent to drive sustainable growth and create local opportunities by increasing early-stage finance availability.
Sectors
- Venture Capital
- Technology and Life Sciences
- Legal Services
Geography
- United Kingdom – The funding and PraeSeed program are focused on startups in the North of England, particularly supported by Praetura Ventures and the Northern Powerhouse Investment Fund.
Industry
- Venture Capital – The article revolves around PraeSeed, an initiative funded by a venture capital firm, targeting early-stage startups.
- Technology and Life Sciences – Several of the startups receiving funding are working within the technology and life sciences sectors, showcasing innovation in AI, biotech, and autonomous technology.
- Legal Services – Multiple legal firms provided advisory services for structuring the investments, indicating the importance of legal expertise in such transactions.
Financials
- £1.4 million – Total amount invested by PraeSeed into seven Northern startups.
- £200,000 – Investment received individually by each of the seven startups from the PraeSeed program.
- £660 million – Total funds available within the Northern Powerhouse Investment Fund II for supporting startups.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Praetura Ventures | Venture Capital Firm | Company | A Manchester-based VC firm managing the PraeSeed program to nurture Northern England startups. |
| Northern Powerhouse Investment Fund II | Funding Source | Financial Entity | A fund providing financial backing to the PraeSeed initiative to support early-stage businesses in Northern England. |
| CCI Photonics | Receipent | Company | A Lancaster University spinout developing infection detection tests to combat antimicrobial resistance. |
| Robotiz3d | Receipent | Company | A SciTech Daresbury-based company developing products for detecting and repairing road surface issues using autonomous technology. |
| North AI | Receipent | Company | A Manchester startup using AI to enhance decision-making in the media and entertainment industry. |
| Aquaint | Receipent | Company | A Manchester-based developer of an app to improve communication and compliance within the hospitality sector. |
| ScrubMarine | Receipent | Company | A Cumbria startup creating technology for cleaning marine vessels from biofouling. |
| BidScript | Receipent | Company | A Warrington-based developer of AI-powered software for enhancing the bid management process. |
| WAC | Receipent | Company | An app designed to help hourly workers track work hours accurately and resolve payment discrepancies. |
| DWF Law LLP | Legal Advisor | Company | Provided legal advisory to CCI Photonics and BidScript. |
| Eversheds Sutherland | Legal Advisor | Company | Advised Robotiz3d on legal matters. |
| Brabners | Legal Advisor | Company | Provided legal advisory to North AI. |
| TLT LLP | Legal Advisor | Company | Advised Aquaint and ScrubMarine on legal affairs. |
| Addleshaw Goddard | Legal Advisor | Company | Provided legal advisory to WAC. |
| Irwin Mitchell LLP | Legal Advisor | Company | Supported Praetura Ventures on the legal framework for all investment deals. |
| Jessica Jackson | PraeSeed Lead Investment Manager | Person | Investment manager at Praetura Ventures overseeing the PraeSeed program. |
| Simon Cunnington | Director | Person | Director at British Business Bank commenting on the investment's impact. |