Praetura Ventures has announced the return of PraeSeed, the capital-first programme
designed to support pre-seed and pre-revenue businesses in the North.
Now entering its second year, PraeSeed was designed to help bridge the early-stage funding
gap by providing equity investment and hands-on support to founders looking to build and
scale from the region. The initiative is funded by NPIF II – Praetura Equity Finance, which is
managed by Praetura as part of the Northern Powerhouse Investment Fund II.
Following a successful first cohort in 2024, applications are now open for this year’s cohort.
The application stage will close in mid-April with up to 12 businesses securing a place, and
up to seven of these receiving a £200k investment from NPIF II – Praetura Equity Finance at
the end of the programme.
This year’s cohort will kick off their six-week programme in June from Praetura’s
Manchester office. In addition to being assessed for investment, the shortlisted founders will
also take part in the bespoke investor-readiness programme. This includes expert-led
workshops and insights from experienced later-stage founders to help them with real-world
scaling skills and connections into the ecosystem. Previously, these talks have included
Northern success stories such as Rich Potter from Peak and Simon Mellin from Modern
Milkman.
The first cohort included businesses from across Greater Manchester, Liverpool, Cheshire,
Lancashire and Cumbria, as well as Yorkshire. The programme deployed £1.4m into seven
companies spanning multiple sectors including life sciences, robotics, FinTech and SaaS, and
many of these have since been approached by other investors looking to invest alongside.
Over its five-year lifespan, PraeSeed aims to invest more than £6m into 35 Northern startups.
Despite record-levels of investment, many founders suggest that access to ‘first-cheque
capital’ and investment-readiness expertise remain challenging in the North of England.
Praetura and the British Business Bank are working in tandem with accelerators and other
programmes in the region to help galvanise the support offered for high-growth businesses in
the region.
Jess Jackson, PraeSeed Lead at Praetura Ventures, said: “The success of our first cohort
proved there’s a real need for this kind of early-stage investment in the North. We’re excited
to bring PraeSeed back for a second year and see more companies secure NPIF II funding.”
“Our focus remains on assessing the businesses thoroughly while giving founders access to
the insights, network, and capital they need to take their first steps the right way. Those who
secure investment will also have a clear pathway to follow-on funding, ensuring they can
scale at pace.”
“We want founders to know that there’s an entire ecosystem here cheering them on. By
learning from others who’ve scaled their own companies, they’ll be in the best possible
position to build globally meaningful businesses from the North of England.”
Sue Barnard, Senior Investment Manager at British Business Bank, said: “This is a fantastic
opportunity for businesses in the North West to not only have the chance to secure access to finance, but learn important information about how to fund your business in its early stages of
growth. From underwater robotics to pothole detectors, last year saw some innovative
businesses secure vital funding to further develop their products and create jobs and we look
forward to seeing the next cohort achieve their growth goals.”
Last year, Praetura Ventures was appointed by the British Business Bank to manage equity
deals of up to £5m in the North West for the Northern Powerhouse Investment Fund II.
The £660m Northern Powerhouse Investment Fund II covers the entire North and provides
loans from £25k to £2m and equity investment up to £5m to help a range of small and
medium sized businesses to start up, scale up or stay ahead.
The purpose of the Northern Powerhouse Investment Fund II is to drive sustainable economic
growth by supporting innovation and creating local opportunity for new and growing
businesses across the North. The Northern Powerhouse Investment Fund II will increase the
supply and diversity of early-stage finance for Northern smaller businesses, providing funds
to firms that might otherwise not receive investment and help to break down barriers in
access to finance.
