Northern Gritstone and Parkwalk launch Northern Universities Fund

Funding teams Northern Gritstone and Parkwalk Advisors have collectively launched the Northern Universities Enterprise Fund focusing on early-stage, IP-rich, science and deeptech alternatives at 4 main northern universities.

The fund, an Enterprise Funding Scheme (EIS) automobile, will search for promising startups coming from the Universities of Leeds, Liverpool, Manchester and Sheffield.

The funding automobile will likely be managed by Parkwalk and will likely be supported by Northern Gritstone’s current multi-year partnership settlement with the ‘Northern Arc’ universities, which supplies the investor most well-liked entry to spinout alternatives.

“I’m satisfied that the UK’s first trillion-dollar enterprise will emerge from investing into UK college science and expertise,” mentioned Duncan Johnson, chief govt of Northern Gritstone.

“The launch of Parkwalk’s Northern Universities Enterprise Fund is a strategy to deliver untapped innovation from the North of England to a broader investor base.”

Moray Wright, chief govt of Parkwalk Advisors added: “This collaboration brings collectively two of the UK’s main forces in college commercialisation.

“Parkwalk’s experience in enterprise capital and deep tech, mixed with Northern Gritstone’s unrivalled college partnerships, means we will supply buyers entry to an distinctive and underexploited pipeline of innovation,”

Northern Gritstone secured fundraising of £50m this 12 months from institutional buyers akin to Aviva and Fulcrum Asset Administration.

The Manchester-based investor’s founder, enterprise and political determine Lord Jim O’Neill, who nonetheless chairs the group, mentioned: “The North’s universities are residence to a few of the most fun science and expertise popping out of the UK.(L-R

“This collaboration with Parkwalk is a chance for buyers to assist what are doubtlessly the subsequent technology of world corporations and to assist regional development to the good thing about the UK.”

This week, one of many north’s most distinguished buyers, Praetura Ventures, merged with Scottish group Par Fairness to kind regional funding entity PXN Group.