The first investments by the Northern Powerhouse Investment Fund II (NPIF II) have been made in the North West, Yorkshire & Humber and North East regions. BioGrad Education, a laboratory education provider in Liverpool, has secured a six-figure investment from NPIF II – FW Capital Debt Finance, while a dynamic storytelling brand agency B7 in Newcastle-upon-Tyne has secured an investment from NPIF II – NEL Smaller Loans. Additionally, Kirsty’s, a free-from ready meals provider in Harrogate, has secured £2m from NPIF II – Mercia Equity Finance, for expansion plans.
NPIF II’s funding of up to £5m in equity finance is available to support ambitious start-ups, scale ups or growth companies across the North. This funding will aid BioGrad Education’s training courses and Skills Bootcamps, which will provide students with laboratory experiences and prepare them for the workplace. It will also help B7 to recruit new team members and expand into new sectors, such as construction. Finally, Kirsty’s will expand into its state-of-the-art allergen-free factory to increase production.
“We are pleased to announce that the Northern Powerhouse Investment Fund II has completed its first deals in the North of England since the launch of the £660m fund in March this year,” says Simon Cunnington, Director of Nations & Regions Investment Funds at the British Business Bank, “These investments show that the Northern Powerhouse Investment Fund II is open for business and available to support ambitious businesses across the North.”
