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Manchester based early-stage investor Praetura Ventures has announced an additional £5 million funding commitment from British Business Investments to continue supporting start-ups across underserved parts of the UK.
The total sum committed to Praetura Ventures from the Regional Angels Programme now stands at £20 million, the largest commitment through the Programme to a delivery partner to date.
The extended funding commitment comes a year after Praetura announced it had secured £15 million 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 one of two delivery partners on the programme headquartered in Manchester, has deployed £7 million 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 British Business Investments’ commitment to Praetura include Manchester-based fintech BankiFi, which has already partnered with TSB and The Co-operative Bank to launch two SME-focused open banking apps.
Reacta Healthcare, based in Deeside, North Wales, has also received Regional Angels Programme funding via Praetura. The business is using the funds to help develop its suite of oral allergen tests, which provide a safer way for clinicians to test for common allergies, such as peanut, in adults and children.
Several of Praetura’s newest portfolio businesses have benefitted from the funding, including insurance innovator Percayso, workertech platform Orka and retail AI trailblazer Sparkbox.
As the only northern-focused investor of its kind, 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 £5 million 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, said: ‘’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 £5 million commitment to Praetura Ventures from British Business Investments further supports early-stage businesses in the North and across the UK.’’
ENDS
For more information, please contact Citypress: Bex Thomas: 0161 235 0329 / Bex.Thomas@citypress.co.uk
Praetura Ventures is a Manchester-based venture capital firm which invests in early-stage, high-growth businesses across the UK, with a particular focus on supporting entrepreneurs across the North of England.
Praetura Ventures is committed to adding value post-investment and providing the ‘more than money’ support that businesses need to grow, including additional expertise, resources, networks and guidance, to its investee companies.
Since 2019, Praetura Ventures has backed over 27 companies, including North West headquartered businesses Culture Shift, XR Games and Peak.
The firm also has a Venture Partner programme – an innovative and collaborative initiative that is aimed at experienced, connected and successful individuals who have a desire to add value and potentially provide mentorship, advice, introductions and investment to the next generation of entrepreneurs. In just a few months, the firm has grown its Venture Partner base to 85+ members, typically C-suite level individuals.
Learn more at praeturaventures.com and LinkedIn
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