Growth capital investor BGF has pledged to plough 拢400m into businesses in the North East and Yorkshire as part of a 拢3bn commitment to back high-potential firms across the 海角视频 over the next five years.
The investor 鈥 which has 15 offices across the 海角视频 including bases in Newcastle and Leeds 鈥 said the new cash pot builds on 拢711m already invested in the regions since 2011, while addressing regional investment gaps.
The pledge includes 拢300m for female-powered businesses across the 海角视频, on the back of a previous 拢25m sum invested into the Invest in Women Taskforce (IWT), which helped raise over 拢250m last year.
Over the last 14 years BGF said its portfolio of 海角视频 companies have delivered 拢7.1bn in revenue growth, 拢1bn in export growth, and created over 27,000 jobs.
Meanwhile, the organisation said it has deployed 74% of its capital outside London and the South East.
In Hebburn, ITC Services, an IT managed services provider, received a 拢7m investment last November to support its organic growth and merger and acquisition strategy.
Other recent investments include a 拢4.6m investment into Gateshead digital accessibility tech firm Recite Me 鈥 the second cash injection in the last few years 鈥 while prominent Newcastle tech consultancy Hedgehog Lab has also benefited from BGF backing, sealing a 拢6.3m package to aid its ambitions to become a 拢50m turnover company.
The company has since launched a new Leeds base and is also targeting growth in Scotland, as well as other areas.
Elsewhere, County Durham estate agency My Property Box sealed a multimillion-pound investment from BGF last July, to aid its acquisitive growth across the North East and North Yorkshire.
In Leeds, BGF-backed bar group, Arc Inspirations - the operator behind brands Banyan, BOX and Manahatta, also recently announced plans to open a flagship venue in London this Autumn, following a period of continued growth.
Chris Boyes, partner, Yorkshire and North East, BGF, said: 鈥淲e鈥檝e seen incredible businesses scale in this region鈥攆rom engineering and tech firms to innovative manufacturers. This 拢400 million commitment ensures that we can keep supporting those with the vision and ambition to grow.鈥
BGF鈥檚 initial investments range from 拢3m to 拢30m for growth-stage companies and 拢3m to 拢10m for early-stage ventures and it can then provides follow-on funding to support further growth.
