Praetura Ventures has closed its 2019 Enterprise Investment Scheme (EIS) fund at £15m, making it the largest-ever maiden EIS fund. It will use the money to help address the £300m venture funding gap in the North West of England.
The £15m investment vehicle will back 8-10 tech-enabled early-stage businesses predominantly in the region, who will use the capital to hire key staff, invest in new technologies and, ultimately, scale.
The £15m amount was raised in three months from investors across the UK. The firm has invested over £100m since 2011.
Praetura Ventures expects to invest two-thirds of the fund in the North West region.
After beginning fundraising in March 2019, Manchester-based Praetura Ventures has already received significant interest from early-stage businesses and has an active pipeline of companies looking to receive funding. Praetura Ventures places an emphasis on adding value post-investment, so businesses backed by the fund will receive advice and guidance, as well as practical support, from a dedicated portfolio team.
David Foreman, Managing Director, Praetura Ventures, said: “This is just the beginning of the journey for Praetura Ventures, as we focus on closing the considerable venture capital gap in the North West. There are a significant number of highly credible management teams and businesses which are capable of scaling rapidly with backing from the right partner, and we’re delighted to be in a position to provide that support.
“Our aim is to become a leading venture capital business in the North of England, and we look forward to providing funding and support to companies in the region and beyond.”