British Patient Capital has invested £30m into Northern Gritstone, a North of England venture capital firm.
Northern Gritstone secured the new capital after its £215m raise, which included contributions from the Greater Manchester Pension Fund and West Yorkshire Pension Fund.
It backs spinouts from universities in Leeds, Manchester and Sheffield and other startups in the region.
Duncan Johnson, chief executive of Northern Gritstone, said: “British Patient Capital’s investment is not only a testament to the power of Northern Gritstone’s mission to support science-led spinouts in the North of England and an endorsement of our ‘profit with purpose’ investment philosophy, but will also strengthen our ability to deliver against these ambitions.”
Launched in 2021 and chaired by Lord Jim O’Neill, Northern Gritstone is a joint venture between the Universities of Manchester, Leeds and Sheffield.
Catherine Lewis La Torre, CEO of British Patient Capital, said: “The UK’s universities are recognised as a hub for breakthrough research and development. Scaling these businesses across the whole of the UK is critical, as is energising the venture capital ecosystem in the North of England.”
As part of the Spring Statement, the government extended British Patient Capital’s mandate to 2033, past its initial 2028 end date.