Growth capital investor BGF has pledged to plough £400m into businesses in the North East and Yorkshire as part of a £3bn commitment to back high-potential firms across the Ƶ over the next five years.
The investor – which has 15 offices across the Ƶ including bases in Newcastle and Leeds – said the new cash pot builds on £711m already invested in the regions since 2011, while addressing regional investment gaps.
The pledge includes £300m for female-powered businesses across the Ƶ, on the back of a previous £25m sum invested into the Invest in Women Taskforce (IWT), which helped raise over £250m last year.
Over the last 14 years BGF said its portfolio of Ƶ companies have delivered £7.1bn in revenue growth, £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 £7m investment last November to support its organic growth and merger and acquisition strategy.
Other recent investments include a £4.6m investment into Gateshead digital accessibility tech firm Recite Me – the second cash injection in the last few years – while prominent Newcastle tech consultancy Hedgehog Lab has also benefited from BGF backing, sealing a £6.3m package to aid its ambitions to become a £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: “We’ve seen incredible businesses scale in this region—from engineering and tech firms to innovative manufacturers. This £400 million commitment ensures that we can keep supporting those with the vision and ambition to grow.”
BGF’s initial investments range from £3m to £30m for growth-stage companies and £3m to £10m for early-stage ventures and it can then provides follow-on funding to support further growth.
