With regional roots in Edinburgh and Manchester respectively, the merger will create the fastest-growing venture and investment firm operating outside of London. PXN Group will champion the scaling of globally ambitious startups across the North of England, Scotland, and Northern Ireland – regions often overlooked by mainstream capital.
The deal, pending regulatory approval from the Financial Conduct Authority, signals a new era of intent for northern investment. Despite the fact that more than 80% of UK VC funding remains concentrated in London and the South East, PXN Group will offer a platform with both the firepower and footprint to shift the dial. The firm will provide equity cheques from £200,000 up to £8 million – supporting founders from seed to scale, across sectors.
“More Than Just Money”
“This isn’t just a merger,” said Dave Foreman, founder of Praetura Ventures and newly appointed CEO of PXN Group. “It’s the start of something greater. We’re combining deep regional roots and a shared belief that founders deserve more than just money. PXN is built to lead, to last, and to deliver real impact where it’s needed most.”
The merger consolidates not only capital, but complementary strengths. Par Equity – launched in 2008 – is known for mobilising an extensive angel network and for its success backing tech heavyweights including Current Health and DeltaDNA. It’s also a key player in natural capital investing, managing a carbon-focused land restoration project in Aberdeenshire in partnership with Aviva Investors.
Praetura, on the other hand, has built a reputation since 2019 for its “more than money” model – bringing hands-on operational support to scale-ups like Modern Milkman and Street Group. The firm also oversees the £100 million NPIF II North West Equity Fund and a growing stable of tax-efficient investment products targeted at IFAs.
A Platform for Founders and Financial Advisers
PXN won’t just serve entrepreneurs. The newly formed group will offer advisers and retail investors broader access to growth equity opportunities through products including EIS, VCT, and IHT planning. Praetura’s lending division will continue to provide secured credit to SMEs nationwide, complementing the equity-focused ambitions of the new group.
Paul Munn, founder of Par Equity and now Executive Chair of PXN Group, added: “We’ve always believed the North can produce globally significant companies – but it needs the right capital and the right support. PXN is built in the North, for the North. This gives us the scale to do more of what we do best: back ambitious founders and help them build category-defining businesses.”
What's in store for the future?
PXN Group launches with a combined portfolio of 115 companies, and will continue to operate from its offices in Manchester, Edinburgh, Leeds and London. Existing mandates and funds will remain unchanged.
But the ambitions go well beyond business-as-usual. Over the next 12 months, PXN plans to unveil new partnerships and programmes to address the UK’s stubborn regional funding gap – helping more founders turn local innovation into global impact stories.
The merger may still be awaiting FCA sign-off, but the message is clear: after much hype, the North is ready to lead. And with PXN Group now in play, it has the capital, experience, and conviction to do exactly that.
