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Liverpool City Region gets £19m growth boost fundingThe Business Desk
The Northern Powerhouse Investment Fund (NPIF), delivered by British Business Bank, has invested more than £11m into ambitious, high-growth small and medium-sized businesses in the Liverpool City Region in deals that have attracted an additional £8.2m invested from the private sector.
Since its launch in February 2017, NPIF has delivered equity finance, debt finance, and microfinance solutions, ranging in size from £25,000 to £2m to businesses across the 10 Local Enterprise Partnerships (LEP) that make up the ‘Northern Powerhouse Investment Fund’ region.
To date, NPIF has completed 58 investments in Liverpool City Region-based small and medium-sized businesses in a wide a range of sectors including manufacturing, digital technologies and life sciences.
Notable investments include Simul Software, which creates innovative solutions in real-time rendering, initially aimed at the games and simulation markets.
The company has secured a £150,000 investment from NPIF–Maven Equity Finance, managed by Maven Capital Partners working with MSIF in the Liverpool City Region.
The investment will be used for the development of its VR technology, ‘SimulCaster’. The aim is to showcase the concept at the TechCrunch Disrupt event in October.
NPIF also invested in Wirral-based DT & G, which supplies chocolate coating and polishing machines to confectionery manufacturers worldwide.
The company has a 50-year heritage and sought £100,000 funding from NPIF-FW Capital Debt Finance, managed by FW Capital, to support the development of its latest machinery, ‘Finn2’ which offers a modernised, more hygienic system for customers.
The investment will also enable DT & G to employ additional staff to assist in the management of its customer portfolio.
Further, Knowsley-based DosaFil, which designs, manufactures and delivers innovative high-quality water conditioning equipment, secured £75,000 of funding from NPIF–BFS & MSIF Microfinance, managed by MSIF in partnership with GC Business Finance.
The funding will enable the firm to invest in a marketing function and additional raw materials.
Janice Mears, head of business growth for the Liverpool City Region Local Enterprise Partnership said: “NPIF has provided valuable support to our business community since its launch in 2017 and it is fantastic to see the impact it is having on unlocking business potential and creating jobs in the city region.
“To continue this momentum, we are working closely with the fund managers and existing providers to ensure there is a simple joined up approach for business, through the local growth hub.”
Ken Cooper, managing director at British Business Bank, said: “The Northern Powerhouse Investment Fund’s performance in the Liverpool City Region highlights that there are ambitious businesses here that are rising to the challenge of taking on funding for new projects and products.
“An increasing number of these growing companies are taking advantage of the finance options available through NPIF which will help drive economic prosperity in the North of England.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.www.thebusinessdesk.com/