A new £20 million fund has launched to help life sciences sector businesses in Cheshire, Warrington and Greater Manchester scale up.
A partnership between Greater Manchester Combined Authority (GMCA), Cheshire and Warrington Local Enterprise Partnership (LEP), Bruntwood SciTech and Praetura Ventures, the ‘GMC Life Sciences Fund By Praetura’ aims to support the region as a world-leading centre for clinical, academic and commercial life sciences.
Investment of between £50,000 to £2 million will be available to start-ups and SMEs located in or committed to relocating to Greater Manchester, or the local authorities of Cheshire East, Cheshire West & Chester, or Warrington. GMCA has committed £10 million to the fund, whilst Cheshire and Warrington LEP and Bruntwood SciTech, the property group behind Alderley Park, have both committed £5 million.
The initial £20 million fund will aim to support innovation, create skilled jobs in the region and enable international expansion for life sciences businesses in the region. Investees will also gain the specialist business support of Bruntwood SciTech and access to the partner programme from Northern-centric venture capital investor Praetura Ventures, who will manage the fund.
Investment in the region’s life sciences sector aims to build on its role in driving the knowledge economy in the North-west and support the 28,000 people already employed in the sector locally.
Mayor of Greater Manchester Andy Burnham, speaking at the fund’s launch, said:
“The region’s life sciences sector continues to turn heads on the global stage, living up to our heritage of consistently pioneering and generating world-firsts.
“The pandemic thrust the life science sector’s contribution into the public eye and made us understand the impact it can have on our lives. 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.
“This is an example of how we are supporting firms to innovate and grow. Greater Manchester is a great place to set up a business in sectors like life sciences, owing to its huge diverse talent pool and relatively lower operating costs. Through Innovation Greater Manchester we will be continuing to create the right environment for enterprise and innovation to thrive.”
Clare Hayward MBE, DL, Chair, Cheshire and Warrington LEP, said:
“The GMC Life Sciences Fund will be warmly welcomed by the fast growing entrepreneurial businesses in the life sciences sector who are delivering ground-breaking science. This is a big step towards our vision to be a global leader in the full life sciences cycle.”
David Foreman, managing director at Praetura Ventures, said:
“We are committed to helping the founders of start-ups in the life sciences sector to build the best business they can. 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.”
Chris Oglesby, Executive Chair of Bruntwood SciTech, said:
“The North West has a truly vibrant life sciences sector, recognised globally for the talent and innovation it fosters. This powerful ecosystem can support the translation of ground-breaking science and research into successful, scalable businesses for the long term. It is as a direct result of long-term partnerships between public and private sector organisations that the sector continues to thrive, enabling opportunities for life science businesses to gain direct access to research, talent and the NHS to accelerate their growth, and we very much look forward to supporting the next generation of life science entrepreneurs with this fund.”
The fund launched on the 24th May 2022 at a dedicated event in Bruntwood SciTech’s No.1 Circle Square in the heart of Manchester’s innovation district, bringing together stakeholders from across the sector. New investments will be announced later in the year.