British Business Bank, the state-owned development bank, has recently announced its commitment of £10 million as the cornerstone investor in Northern Gritstone’s £20 million rolling close. The move comes as a massive boost for the VC firm, which now has a permanent capital of £382 million to support the growth and development of Northern deeptech and life sciences spinouts.
The decision of British Business Bank to invest in Northern Gritstone showcases the bank’s strong support for the northern region’s burgeoning deeptech and life sciences sector. With this investment, the bank aims to further boost the region’s innovation and growth potential. This is in line with the bank’s mission to drive economic growth and prosperity across the UK.
As the cornerstone investor, British Business Bank’s investment serves as a strong vote of confidence in Northern Gritstone’s investment strategy and future prospects. It also reflects the bank’s commitment to providing long-term support for the region’s deeptech and life sciences startups, which have huge potential to drive economic growth and create job opportunities.
Northern Gritstone, a Manchester-based venture capital firm, focuses on investing in early-stage deeptech and life sciences companies in the North of England. The firm’s unique geographic focus sets it apart from other VC firms and has allowed it to build a strong network in the region. With the support of British Business Bank, Northern Gritstone is now well-positioned to provide vital funding and expertise to promising startups in the region.
The £20 million rolling close, with British Business Bank as the cornerstone investor, is a testament to the strong partnership between the bank and Northern Gritstone. This partnership will not only provide a much-needed financial boost for startups in the region but also offer them access to the bank’s extensive network and expertise. It will also bolster the region’s reputation as a hub for deeptech and life sciences innovation.
The investment also comes at a crucial time for the region, as it strives to emerge from the economic impact of the COVID-19 pandemic. Startups in the deeptech and life sciences sectors have continued to show resilience and potential for growth even during these challenging times. With this investment, British Business Bank hopes to accelerate their growth and contribute to the region’s economic recovery.
In addition to providing financial support, British Business Bank’s investment will also help to attract further investment from other institutional investors, thereby creating a virtuous cycle of growth and development in the region. This will not only benefit the startups directly, but also the wider community by creating new job opportunities and driving economic growth.
Mark Wilcockson, Managing Director, Investments at British Business Bank, said, “We are delighted to commit £10 million as the cornerstone investor in Northern Gritstone’s £20 million rolling close. This investment is a testament to our strong partnership with Northern Gritstone and our commitment to supporting the growth of deeptech and life sciences startups in the North of England.”
Richard Youngman, CEO of Northern Gritstone, also expressed his excitement about the partnership, saying, “We are thrilled to have British Business Bank as our cornerstone investor as we continue to build our fund and support the growth of deeptech and life sciences startups in the North. Their investment not only provides financial support but also serves as a validation of our investment strategy and the potential of the region.”
The announcement of British Business Bank’s investment in Northern Gritstone comes at a time when the northern region is gaining momentum as a hub for deeptech and life sciences innovation. The region is home to several world-class research and academic institutions, making it an attractive location for startups in these sectors. With the support of British Business Bank, these startups now have a better chance of success and can contribute to the region’s economic growth and competitiveness on a global scale.
In conclusion, British Business Bank’s commitment to invest £10 million as the cornerstone investor in Northern Gritstone’s £20 million rolling close is a significant development for the northern region’s deeptech and life sciences sectors. The partnership between these two organizations will not only provide much-needed funding but also create a strong ecosystem for innovation and growth in the region. With this investment, the future looks bright for startups in the North of England, and the region is well on its way to becoming a leading hub for deeptech and life sciences innovation.
