Deep tech investor Northern Gritstone has raised £50m from institutional investors including the investment arm of insurer Aviva.
The cash injection brings the Pragmatic Semiconductor and Optalysys investor’s total permanent capital to £362m.
Northern Gritstone backs life science and deep tech firms in the north of England, typically at an early stage.
“We are very grateful for this further support from investors in our journey to develop world winning businesses in the North of England originating from our university ecosystem and contributing to the future of higher value-added activity and the North’s productivity,” said Lord Jim O’Neill, chair of Northern Gritstone and a former Treasury minister under the governments of David Cameron and Theresa May.
The bulk of the funding, £35m, came from Northern LGPS – a collective asset pool for the pension funds of Greater Manchester, Merseyside and West Yorkshire. The remaining £15m came from Aviva Investors.
“Aviva has a substantial presence across the North of England and is delighted to support growth investments developed within the region through our investment with Northern Gritstone. University spin outs will help power innovation, drive tangible real-world impact, and support the UK to get ready for the future,” said Ben Luckett, managing director of venture and strategic capital at Aviva Investors.
Aviva last month supplied £15m to spinout investor Oxford Science Enterprises.
Alongside the funding, Greater Manchester Pension Fund assistant director Paddy Dowdall will also join Northern Gritstone’s board as a non-executive director.
Dowdall commented: “Northern LGPS’ commitment to Northern Gritstone aligns with the UK Government’s mission to support UK innovation and growth through pension fund investing.
“I am delighted to join Northern Gritstone’s Board to support positive impact on local and regional growth”
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