Praetura Ventures promises £15m for North West start-ups

 

Praetura Ventures has announced it will raise £15m for its first Enterprise Investment Scheme (EIS) fund. The EIS capital fund, due to close mid-May, is intended for 8-10 start-ups in the North West. It will target high-growth tech or IP-enabled businesses, aiming for a minimum return of 2x over a 5-7 year term.

This comes as part of Praetura Ventures’ stated mission to bridge the funding gap in the North West region. There is an estimated £300m venture capital shortfall for scaling businesses in the area, with the North West home to 10% of high growth companies but only 3% of VC funding.

David Foreman, Managing Director of Praetura Ventures, said: “The launch of our first EIS fund is an exciting milestone for Praetura Ventures, as we look to bridge the funding gap in the North West. The fund will allow us to back exceptional management teams and entrepreneurs and will open up opportunities for investors to benefit from the entrepreneurial talent in the region. The fund is the first step in our journey to become a leading venture capital firm in the region. We’re now eager to hear from ambitious entrepreneurs and management teams as well as investors who are keen to invest in exciting opportunities in the North West.”

Praetura Ventures is part of the Praetura group, along with Praetura Asset Finance and Praetura Commercial Finance.