Northern Gritstone secures first close of £215 million ahead of making its first investments miragenews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from miragenews.com Daily Mail and Mail on Sunday newspapers.
Spin-out backer announces £215m of investment funds miragenews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from miragenews.com Daily Mail and Mail on Sunday newspapers.
by Alistair Hardaker
Investment company Northern Gritstone, launched by the universities of Leeds, Manchester and Sheffield, has announced plans to raise up to £500m from strategic corporate partners, institutional investors, and qualifying individuals.
The new investment company is hoped to help boost the commercialisation of university spinouts and start-ups in the North of England.
These businesses will either be newly formed spinouts or ones historically founded by or linked to the universities, in areas such as advanced materials and manufacturing, health and life sciences, artificial intelligence, and data sciences.
The three universities initially came together in 2018 to create the Northern Triangle Initiative and secured a £5 million award from the Research England Connecting Capabilities Fund (CCF).