The North West Development Agency (NWDA) has awarded £9m to MTI Partners and Yorkshire Fund Managers (YFM) to manage fund focused on investing in SMEs of the area.
As stated in a press release, this award represents a transitional fund, “a prelude to the NWDA awarding a £200m innovation fund designed to stimulate and accelerate the growth of some of the brightest commercial prospects in the region”.
A key element of the Transitional Fund is the provision of assistance to entrepreneurs within the region in sourcing funding in order to grow their businesses.
Commenting on the award, Mark Rahn, MTI’s North West Investment Manager, said: “MTI relies on its ability to identify the right investment opportunities, and the North West of England has always been a leader in technical innovation.
“We’re already working with a number of very exciting prospects in the region, and the award of this transitional fund (and the subsequent full innovation fund), will allow MTI to build more successful partnerships – strengthening both companies and the region at large”.
David Hall, Managing Director of YFM Private Equity, added: “We are delighted to be awarded the much anticipated venture capital funding, it will allow the team to continue to provide support to the region’s innovative and diverse businesses.
“We look forward to working alongside MTI, maintaining our success at adding value, creating wealth and making a measurable impact on the region’s economy”.