£150 million fund announced to support high growth businesses across the region

The British Business Bank will commit up £150 million capital to a new fund to support high-growth businesses across the North of England.

Announced by Chancellor of the Exchequer, John Healey, the Northern scale-up fund will provide larger scale investment to innovative businesses seeking capital to accelerate expansion.

The fund is expected to back university spinouts and other innovative, high-growth companies with investments of between £5 million and £15 million, and sit alongside the British Business Bank’s existing programmes in the region, such as the Northern Powerhouse Investment Fund.

The fund’s investment approach will reflect the sector strengths, including creative industries, clean energy and space and technology within the geography it covers, supporting ambitious businesses with the potential to scale and contribute to regional growth.

Leandros Kalisperas, Chief Investment Officer, British Business Bank said:

“This new Northern scale-up fund reflects the Bank’s commitment to addressing regional equity gaps and helping ambitious, innovative businesses in the North of England to have the same opportunity to access the capital they need to grow and thrive as other parts of the UK.

“The proposed fund would provide an important new source of scale-up capital building on the success of our Northern Powerhouse Investment Fund II, which continues to deliver support to smaller businesses of up to £5m of capital.”