Completed across 449 deals, the Fund is playing a vital role in boosting regional growth, while crowding in private sector co-investment. More than £151.3m in direct investment across the region has helped to unlock an additional £122.6m from the private sector, delivering capital that northern businesses may not have otherwise been able to access.

Over the last two years, the Fund has supported a diverse range of businesses through debt and equity investment, helping them to achieve their growth ambitions and bring innovative ideas to market.

Delivered by PXN Ventures, FW Capital, River Capital and GC Business Finance (GCBF) across the North West, the investments are continuing to drive sustainable economic growth. Aligning with the UK’s Modern Industrial Strategy, the Fund is ensuring high growth priority sectors across the North can contribute to UK-wide growth.

In Cumbria, maritime robotics startup ScrubMarine secured over £740k in a pre-seed funding round led by NPIF II – PXN Ventures Equity Finance. Founded by 21-year-old Rohith Devanathan, the funding will help the business develop an autonomous system designed to clean and inspect ship hulls, improving efficiency while also reducing fuel consumption and environmental impact.

Over in Warrington, multi-utility infrastructure provider BGS Utilities secured a six-figure investment from NPIF II – FW Capital Debt Finance to support its future growth. The funding is strengthening the firm’s financial planning strategy, providing a solid platform to meet growth targets and secure further contracts. Employing around 40 people, the business has recently delivered regeneration projects in Manchester city centre, housing developments for multiple builders, and work on Animate Studios, with the investment helping it build on this success.

For Blackpool-based Yoga Rise, a five-figure investment from NPIF II – River Capital & GC Business Finance Smaller Loans is helping to transform its yoga studio into a premium boutique offering. The funding has supported infrastructure upgrades, a new booking website, marketing activity and the introduction of new classes such as aerial yoga. It has also helped the business shift to a more sustainable business model with centrally managed bookings that provides greater consistency for students and improved stability and opportunities for instructors.

Mark Sterritt, Senior Investment Director at the British Business Bank, said: “The North West continues to demonstrate just how much potential there is across the region, and in just two years NPIF II has already supported an impressive number of businesses on their growth journeys. From innovative businesses that are pushing forward new sustainable technologies, to organisations enhancing local wellbeing spaces, the breadth of ambition we’re seeing here is remarkable. With a particular focus on breaking down traditional barriers to accessing finance, we’ve also made great progress in targeting funding in harder‑to‑reach areas and founders from diverse backgrounds.

“The launch of the UK’s Modern Industrial Strategy has provided us with a clear framework under which we can support high growth Northern businesses, ensuring our region can compete on a national scale. We’re helping to build a strong investment ecosystem, working across Innovation Clusters and Growth Corridors, all ensuring that Northern entrepreneurs can access the capital they need to drive sustainable, long-term growth.”

Operated by the British Business Bank, NPIF II is a £660m fund that provides loans and equity finance to Northern smaller businesses that might otherwise struggle to secure investment. It is helping to break down barriers in access to finance, supporting innovation and creating local opportunity for new and growing businesses. The Fund offers loans from £25k to £2m and equity investment up to £5m to help northern businesses start up, scale up and stay ahead.

The purpose of the Northern Powerhouse Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North. The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for Northern smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance. 

 ENDS