More than 200 North businesses boosted by NPIF II funding in first year

More than 200 businesses across the North have tapped into a new investment fund in its first, new figures have revealed.

In its first year since launching, the Northern Powerhouse Investment Fund II (NPIF II) has completed the significant number of investments into small businesses, totalling more than £80m.

The investments have been delivered by the NPIF II fund managers – Praetura, FW Capital, River Capital, Maven Capital Partners and NEL Fund Managers – across the North West and North East, helping ambitious businesses to access small loans, debt, and equity finance options.

Operated by the British Business Bank, NPIF II is a £660m fund that provides loans and equity finance options for Northern smaller businesses that might otherwise not receive investment.

It builds on the success of the first Northern Powerhouse Investment Fund which was launched in 2017, having been extended to include the whole of the North by expanding its reach to cover the North East.

NPIF II provides loans from £25,000 to £2m and equity investment up to £5m to help businesses start up, scale up, and stay ahead, and its first year of operation has seen a range of businesses tap into financial support, as well as business advice through its well-established support network.

In the North East, a number of growing tech companies have tapped into funding, including Newcastle fintech firm, Kani Payments, which received multimillion-pound investment from NPIF II - Maven Equity Finance alongside Maven VCTs. The funding has helped to power Kani into its next growth phase of growth, enabling it to ramp up work on its platform, grow its team, and expand internationally.

Meanwhile in Stockton-On-Tees, workplace mental health support platform OptiMe, secured a five-figure investment from NPIF II - NEL Smaller Loans to help it accelerate growth, boost its technology, and expand its team.

Sarah Newbould, senior manager at the British Business Bank, said: “The North East is full of ambitious, driven entrepreneurs, and the Northern Powerhouse Investment Fund II exists to support th