Manchester-based Praetura Ventures launches £ 20m fund to invest in life sciences start-ups in Greater Manchester, Cheshire and Warrington.
The “GMC Praetura Life Sciences Fund” will invest between £ 50,000 and £ 2m in early stage and SMEs based in the three cities to boost life sciences innovation in the North West of England.
Funding will be available to outside businesses if they are willing to relocate to the area.
“This fund aims to find, fund and scale the next generation of life sciences entrepreneurs. It will help grow the sector and create opportunities for key stakeholders across the Greater Manchester, Cheshire and Warrington areas, ”said Andy Burnham, mayor of the Greater Manchester Area, speaking at the launch of the fund.
Half of the fund has been pledged by the Greater Manchester Joint Authority (GMCA), with Bruntwood SciTech and Cheshire and Warrington LEP each donating £ 5m.
The GMC Life Sciences Fund is the latest example of investment targeting technology firms based in the North of England.
Technology start-ups based in the so-called North Manchester, Leeds and Sheffield Triangle have risen Funding of £ 1.3bn over the last five years.
“In partnership with the GMCA, Bruntwood SciTech and Cheshire and Warrington LEP, we are uniquely placed to help the innovators who are transforming the sector for the better, not just with the funding they need to grow, but by providing dedicated support for their teams. , networks and resources, ”said David Foreman, managing director of Praetura Ventures.
He comes from behind Praetura Ventures hitting the £ 100m fund milestonewith plans to invest around £ 15m in 10-15 technology and life sciences companies over the next six months.
According to Praetura, the Northwest life sciences sector employs more than 28,000 people.
Previous investments by Praetura Ventures include £ 2m in the business management platform fluid.work.
The Praetura North technology portfolio also includes Bankifi, Culture Shift, Orka Technology, PEAK and Dr. Fertility.
Praetura Ventures Manchester launches £ 20m life sciences fund
Source link Praetura Ventures Manchester launches £ 20m life sciences fund