After a successful first cohort in 2024, applications are now open for this year’s intake, with up to 12 businesses set to be selected. The application window closes in mid-April, and seven of these companies will be eligible for a £200K investment from NPIF II – Praetura Equity Finance upon completing the programme.
Kicking off in June from Praetura’s Manchester office, this year’s cohort will undertake a six-week investor-readiness programme, designed to equip founders with the skills, insights, and connections needed to scale effectively. In addition to the potential for equity investment, the programme offers bespoke workshops led by experts, as well as insights from successful Northern founders, including Rich Potter from Peak and Simon Mellin from Modern Milkman. These sessions are designed to provide real-world advice on scaling and integration into the wider startup ecosystem.
The first PraeSeed cohort saw a diverse range of businesses from across the North, including Greater Manchester, Liverpool, Cheshire, Lancashire, Cumbria, and Yorkshire. The programme deployed £1.4M into seven companies spanning sectors such as life sciences, robotics, fintech, and SaaS, and many of these businesses have since attracted interest from additional investors. Over its five-year lifespan, PraeSeed aims to invest more than £6m into 35 Northern startups.
Despite record investment levels, access to ‘first-cheque capital’ and investment-readiness expertise continues to be a challenge for many founders in the North. Praetura and the British Business Bank are working alongside accelerators and other regional programmes to enhance support for high-growth businesses.
Jess Jackson, PraeSeed Lead at Praetura Ventures, commented: "The success of our first cohort showed that there is a genuine need for early-stage investment in the North. We’re thrilled to bring PraeSeed back for year two, and we look forward to seeing even more companies secure funding from NPIF II."
She added, "Our approach focuses on assessing businesses thoroughly while providing founders with the right capital, network, and insights to take their first steps effectively. Those securing investment will also have a clear pathway to follow-on funding, ensuring they can scale swiftly."
Sue Barnard, Senior Investment Manager at the British Business Bank, said: "PraeSeed provides a fantastic opportunity for businesses in the North West to not only access vital funding but also learn about securing finance in the early stages of growth. Last year saw innovative companies—from underwater robotics to pothole detectors—secure crucial funding to advance their products and create jobs. We’re excited to see the next cohort achieve similar growth milestones."
Last year, Praetura Ventures was appointed by the British Business Bank to manage equity deals of up to £5M across the North West as part of the Northern Powerhouse Investment Fund II, which has £660M in funding available to support small and medium-sized businesses across the North.
The Northern Powerhouse Investment Fund II provides loans ranging from £25K to £2M and equity investment up to £5M, helping Northern businesses to start, scale, and stay ahead. Its mission is to drive sustainable economic growth, foster innovation, and create local opportunities for new and growing businesses across the North, while increasing access to early-stage finance for companies that might otherwise struggle to secure investment.
