Investment non-profit NorthInvest announces record-breaking investment of £9m in total funding facilitated to Northern start-ups and 19 deals closed in 2020.
The Leeds-based investment facilitator and angel network operates across the North of England and has supported 565 innovative tech and digital start-ups to date, delivering over 640 free coaching and investor readiness sessions. In response to COVID-19, the organisation hosted 11 virtual pitch events with partners the Innovation SuperNetwork, and 39 virtual community events across the year.
The success of 2020 was driven by NorthInvest’s growing angel network, with 144 private angel investor members onboarded, and key partnerships with some of Europe’s leading tech for good VCs, including Ada Ventures and Bethnal Green Ventures, and E2E Capital Ventures.
These partnerships enable NorthInvest to position tech for good innovation support at the heart of its value proposition in 2021. They will also further NorthInvest’s existing mission to address the lack of diversity in the investment landscape and facilitate funding to overlooked entrepreneurs.
NorthInvest also co-founded Fund Her North to increase the flow of funding to women entrepreneurs from women in investment. Fund Her North is a collective of 24 women in investment with a combined investment capacity of £450m. Its virtual launch event, led by NorthInvest, in October attracted over 100 attendees and involved high profile speakers including Dragon’s Den ‘Dragon’ Sara Davies OBE.
The organisation has also partnered with E2E Capital Ventures to increase its capacity to support follow-on deals. NorthInvest facilitated £700,000 of follow-on funding in 2020 and is expecting to see this figure increase in 2021 as portfolio companies mature and pursue seed rounds through NorthInvest.
2020 also saw the conclusion of the Regional Angel Investor Accelerator programme, a partnership between NorthInvest, Innovation SuperNetwork, North East BIC and the UKBAA, through which NorthInvest co-divested £780,000 in Innovate UK funding for 14 innovative tech start-ups alongside programme partners the Innovation SuperNetwork. This encouraged angel investment in these successful applicants, with £915,000 leveraged in investor match funding from both the NorthInvest and Newcastle Angel Hub networks.
Founder of NorthInvest and Angel Investor, Professor Adam Beaumont commented: “NorthInvest has excelled this year and thrived during an uncertain economic climate. This is testament to the strength of – and need for – an easily accessible and collaborative funding model for grassroots investment. I very much look forward to seeing how far we can go in 2021 and continue our already impressive growth strategy.”