Northern Gritstone is a deep-tech and life sciences investment firm founded with the support of the Universities of Sheffield, Leeds, and Manchester. The firm has announced its latest fundraise of £50 million from leading institutional investors, bringing its total permanent capital to £362 million.
This funding accelerates Northern Gritstone’s ambition of creating the world-class businesses of tomorrow from the science and innovation that exists today in the North of England.
About £35 million of the new funding commitments come from Northern LGPS, the collective asset pool for Greater Manchester, Merseyside, and West Yorkshire Pension Funds, with a further £15 million boost from new investors Fulcrum Asset Management and Aviva.
Northern Gritstone has already made 32 investments in early-stage businesses in North England. The firm has also expanded its investment team and built NG Innovation Services, a venture-building ‘toolkit’ that offers talent management, growth advice, business services, and the accelerator program NG Studios.
KEY QUOTES:
“We are very grateful for this further support from investors in our journey to develop world winning businesses in the North of England originating from our University ecosystem and contributing to the future of higher value added activity and the North’s productivity.”
Northern Gritstone Chair Lord Jim O’Neill
“This new fundraise backed by Northern LGPS, Fulcrum and Aviva is testimony to our ability to create the world-leading businesses of tomorrow based on world-class innovation that exists in the North of England”.
– Northern Gritstone Chief Executive Duncan Johnson
