Manchester based early-stage investor Praetura Ventures has secured an additional £5m funding commitment from British Business Investments, to continue supporting start-ups in underserved parts of the UK.
The latest funding commitment comes a year after Praetura secured £15m from British Business Investments, a wholly-owned commercial subsidiary of the British Business Bank, as part of its Regional Angels Programme. The scheme aims to increase funding to high-growth potential businesses across the UK.
Praetura, which is the only delivery partner on the programme headquartered in Manchester, has already deployed £7m of funding from British Business Investments so far into more than 20 early-stage businesses alongside investments from its EIS fund and Venture Partners.
Businesses who have benefitted from the funding include Manchester-based fintech BankiFi, which has already partnered with TSB and The Co-operative Bank to launch two SME-focused open banking apps.
Praetura has now grown its portfolio to include more than 27 early-stage businesses, two-thirds of which are headquartered in the North West.
David Foreman, managing director of Praetura Ventures, said: “We’re committed to helping entrepreneurs to build the best business they can and we’ve already seen the positive impact the Regional Angels Programme has had so far. This additional £5m means we can provide even more businesses in the area with our more than money support to ensure that they reach, and even surpass, their potential. It’s an exciting time to be part of a place teeming with such significant ambition and innovation.”
Judith Hartley, CEO, British Business Investments, added: ‘’Our Regional Angels Programme is designed to address regional imbalances in the availability of angel finance, and to increase the amount of capital available to smaller businesses with high growth potential through early-stage investors. The additional £5m commitment to Praetura Ventures from British Business Investments further supports early-stage businesses in the North and across the UK.’’