“The North East is one of the most deprived areas, healthy life expectancy is one of the lowest in the country. So that is our North Star in itself,” says Rick Charnley, investment director at Northstar Ventures.
That is why healthy ageing, along with biotech and clean tech, are among the main focus areas for the venture capital firm.
Since 2004 the VC has been investing in high-growth businesses and social enterprises, writing cheques up to £1m.
‘Not much startup cash’
It has been a challenging environment across the UK. VC funding fell by 54% year on year, down from $27.9bn in 2022 to a projected $12.7bn in 2023.
“There’s not much startup cash about,” says Charnley. “The funds that we’re managing and the funds in the region are coming to the tail end. And because of that, they’ve been focused more on portfolio rather than new deals.”...