Friday, July 10, 2020

Q1 sees NorthInvest raise over £2m for Northern start-ups

NorthInvest has raised over £2 million for northern start-ups in the first quarter of the year via its funding networks and virtual pitch events.

Q1 saw the Leeds-based investment non-profit support five grant funding and investment rounds, helping IP-rich start-ups raise funds.

The firm has hosted three virtual pitch events since lockdown commenced, pivoting rapidly from its offline model.

These events connected 18 start-ups with over 40 private investors and VCs from the NorthInvest and Northern Angel Hub in partnership with the Innovation SuperNetwork and RTC.

Across these pitch events, 46% of entrepreneurs presenting were female founders. NorthInvest has a core value set around encouraging diversity in the innovation space and is actively building an inclusive pipeline of entrepreneurs.

NorthInvest helped facilitate four successful fundraising rounds for IP-rich start-ups in the first quarter of 2020, including support in part for PropTech start-up One Utility Bill, who raised £1.5 million in an investment round led by DSW Angels in March.

Included among these start-ups is two Leeds-based companies – data centre efficiency start-up Edgetic, and medtech start-up Sepsis, also benefited from the RAIA programme and coaching from NorthInvest.

The start-ups were each awarded £150,000 in grant funding from Innovate UK, with applications managed by Jordan Dargue.

“NorthInvest are dedicated to closing the gender investment gap and seeing a growth in the number of female investors and women in senior positions within investment organisations,” said Helen Oldham, Founding Board Director of NorthInvest.

“We’re delighted to see an increase in the number of female founders supported and keen to progress this further to shape a diverse funding community after COVID-19.”

Professor Adam Beaumont, founder of NorthInvest, stated: “The hard work of our talented team is allowing us to bring together an ever-growing community of active investors from across the North of England, particularly in the North East, with a strong pipeline of credible founders and start-ups.

“This community is more important now than ever during the current COVID-19 crisis and we have no doubt we will continue on a positive trajectory moving into the next quarter.”

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