5m top-up for biomedical fund
Thu, 6th November 2014

£5m top-up for biomedical fund

The North West Fund for Biomedical has received a £5m top-up taking its fund allocation to £30m.

The fund, managed by Spark Impact, has invested more than £22m in about 50 companies based in the North West since it started in January 2011.

There has also been more than £11m of co-investment from across academia, the NHS, the private sector and angels. Investee companies have attracted more than £5m in additional grant funding.

Dr Andy Round, investment director at Spark Impact, said the additional cash would allow it to top up funding to existing investee companies and new businesses.

He added: "Many of the early stage businesses we invested in are now excelling - turning over millions of pounds, exporting overseas, selling products globally and being used right across the NHS.

"The injection of cash has been integral to the success of many of these companies and it is great news that we now have more available to invest into the thriving life sciences community."

The North West Fund for Biomedical is a sub-fund of The North West Fund, which is provided by the European Investment Bank and the European Regional Development Fund.

category North West  |  source Insider Media