Founded 2020 by Universities of Manchester, Leeds, Sheffield. £362m AUM (April 2025). 37 portfolio companies (as Aug 2025). Team 22 people incl. 10 partners. Portfolio: Iceotope (immersion cooling), Floreon (bioplastics), Phagenesis (dysphagia med device), LC AuxeTec (materials), PhovIR (optical sensors). Offers Capital+++ (funding + NG Innovation Services). Chair: Lord Jim O'Neill. CEO: Duncan Johnson.
Investment Focus
Investment Thesis
University spinouts from Northern England (Manchester, Leeds, Sheffield, Liverpool). Seed-Series B+. Focus: life sciences (therapeutics, biotech, med devices), deep tech (semiconductors, advanced materials, AI, quantum), clean energy. Check size £0.85m-£5m typical; follow-on to £20m+. Strong value-add via NG Innovation Services (accelerator, talent network, biz support). 'Profit with purpose' philosophy. Avoids Golden Triangle focus.
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