Financial institution Praetura Ventures has announced the launch of a £20 million life sciences fund for startups in Greater Manchester, Cheshire and Warrington. The 'GMC Life Sciences Fund by Praetura' has been set up to boost life science innovation in the North West of England.
Andy Burnham, mayor of Greater Manchester, said: “This fund’s aim is to find, fund and scale the next generation of life science entrepreneurs. It will help grow the sector and create opportunities for key stakeholders across Greater Manchester, Cheshire and Warrington.”
The fund will invest between £50,000 and £2 million in early-stage businesses and SMEs located in Greater Manchester, Cheshire and Warrington. However, the funding will be also available to businesses outside of the three cities, providing that they are willing to relocate.
Greater Manchester Combined Authority (GMCA) has contributed £10 million to the fund, while Bruntwood SciTech and Cheshire and Warrington LEP contributed £5 million each.
David Foreman, Managing Director of Praetura Ventures, said: “In partnership with the GMCA, Bruntwood SciTech and Cheshire and Warrington LEP, we are uniquely placed to help the innovators who are changing the sector for the better, not only with the funding they need to grow, but by providing their teams with dedicated support, networks and resources."
The announcement comes in the wake of Praetura Ventures hitting the milestone of £100 million in funding. The company has said it plans to invest around £15 million into 10-15 firms in the tech and life sciences sector over the next six months.