NPIF II boosts Northern economy with £50m worth of investment since launch
The Northern Powerhouse Investment Fund II (NPIF II) has made over 130 investments totalling £50m into businesses in the North of England, following its launch in March 2024.
Shaun Connell
Marketing Executive
15th January 2025
The Northern Powerhouse Investment Fund II (NPIF II) has made over 130 investments totalling £50m into businesses in the North of England, following its launch in March 2024. The milestone highlights the British Business Bank’s commitment to supporting smaller businesses across the North to secure crucial funding for growth.
The £660m Northern Powerhouse Investment Fund II covers the entire North of England, providing loans from £25k to £2m and equity investment up to £5m to help a range of small and medium-sized businesses to start up, scale up or stay ahead.
In the North East, Stockton-on-Tees-based Southern Asset Management received a six-figure loan from NPIF II – NEL Debt Finance to expand into new markets, including onshore wind turbine testing and rail sectors, to support the UK’s green energy transition.
In Sheffield, Finlegal, the first Yorkshire business to receive funding from NPIF II, raised £2m from NPIF II – Mercia Equity Finance to help accelerate the growth of its client base internationally.
Over in the North West, Cumbria-based Scrubmarine, a robotics company which has developed an underwater cleaning robotics device, secured £200,000 from NPIF II – Praetura Equity Finance to improve its hardware development by proving the efficacy of its cavitation system.
The Northern Powerhouse Investment Fund II aims to build on the success of the first fund, with the purpose of driving sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North.
"From asset management firms contributing to a green economy, to AI-enabled LegalTech companies and underwater marine tech, NPIF II is already having an impact across all parts of the North of England. Our region is home to some truly innovative businesses, and we want to ensure that every ambitious entrepreneur has the right support and finance to help their business to thrive. The finance from NPIF II, and the work of our fund managers, is already boosting regional economies and creating opportunities for local entrepreneurs. We have supported some great businesses so far, and we look forward to seeing the continued impact of NPIF II as it approaches its first year in operation."
Ken Cooper, managing director at the British Business Bank
The £660m Northern Powerhouse Investment Fund II (NPIFII) covers the entire North of England and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.
The purpose of the Northern Powerhouse Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North of England.
The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for the North’s smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.