Investment firms partner to support Yorkshire and North East "Northern Powerhouse" companies
Two investment firms have announced a new partnership that will help support early-stage companies in the Northern Powerhouse region.
DSW Ventures and NorthInvest have formalised a partnership which will see closer collaboration between the two organisations, providing quicker access for NorthInvest companies to venture capital funding from DSW Ventures.
Both organisations can deploy additional funding to support investments – NorthInvest from Innovate UK’s Regional Angel Investment Accelerator (RAIA) with the Innovation SuperNetwork, and DSW Ventures from its £10m fund from the British Business Bank’s Regional Angel Programme.
David Smith, co-founder of DSW Ventures, commented: “With the economy feeling the impact of the pandemic, it is more important than ever that funders work together to create a supportive start-up ecosystem.
“We already have a close alignment with Northinvest and a history of productive working. This agreement will formalise the relationship and increase our joint impact.
“As the appetite of our investors remains undiminished by the Covid-19 crisis, it will also provide access to an even wider range of high-quality investment opportunities.”
Helen Oldham, founding board director of NorthInvest, added: “There is no lack of ambitious entrepreneurs in the North, but as a region we need to find ways to nurture them from the pre-seed stage and provide access to funding opportunities to back innovative ideas.
“This partnership with DSW Ventures will increase access to larger sums of funding for our start-up community with a view to future funding rounds.
“It is an example of how VCs and angels can work together to give start-ups a clear roadmap to growth.”
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