A new £20m life sciences fund to support SMEs in Greater Manchester, Cheshire and Warrington has been launched.
The Greater Manchester Combined Authority (GMCA) has committed £10m to GMC Life Sciences Fund By Praetura while Cheshire and Warrington LEP and Bruntwood SciTech have invested £5m each.
The fund will offer investment of between £50,000 and £2m to early-stage businesses and SMEs that are located in Greater Manchester, Cheshire or Warrington, or those that commit to relocating their operations there.
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The fund will be launched with an initial £20m with the aim of supporting innovation, creating more skilled jobs and helping businesses to expand internationally.
Praetura Ventures, whose portfolio includes the likes of Sorted, Peak AI and BankiFi, will manage the fund.
Mayor of Greater Manchester Andy Burnham said: "The region’s life sciences sector continues to turn heads on the global stage, living up to our heritage of consistently pioneering and generating world-firsts.
"The pandemic thrust the life science sector’s contribution into the public eye and made us understand the impact it can have on our lives.
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"This fund’s aim is to find, fund and scale the next generation of life science entrepreneurs. It will help grow the sector and create opportunities for key stakeholders across Greater Manchester, Cheshire and Warrington.
"This is an example of how we are supporting firms to innovate and grow. Greater Manchester is a great place to set up a business in sectors like life sciences, owing to its huge diverse talent pool and relatively lower operating costs.
"Through Innovation Greater Manchester we will be continuing to create the right environment for enterprise and innovation to thrive."
Clare Hayward, chair, Cheshire and Warrington LEP, added: "The GMC Life Sciences Fund will be warmly welcomed by the fast growing entrepreneurial businesses in the life sciences sector who are delivering ground-breaking science. This is a big step towards our vision to be a global leader in the full life sciences cycle."
David Foreman, managing director at Praetura Ventures, said: "We are committed to helping the founders of start-ups in the life sciences sector to build the best business they can.
"In partnership with the GMCA, Bruntwood SciTech and Cheshire and Warrington LEP, we are uniquely placed to help the innovators who are changing the sector for the better, not only with the funding they need to grow, but by providing their teams with dedicated support, networks and resources."
Chris Oglesby, executive chair of Bruntwood SciTech, added: "The North West has a truly vibrant life sciences sector, recognised globally for the talent and innovation it fosters.
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"This powerful ecosystem can support the translation of ground-breaking science and research into successful, scalable businesses for the long term.
"It is as a direct result of long-term partnerships between public and private sector organisations that the sector continues to thrive, enabling opportunities for life science businesses to gain direct access to research, talent and the NHS to accelerate their growth, and we very much look forward to supporting the next generation of life science entrepreneurs with this fund."