Finance Yorkshire backs PM technology investment
Finance Yorkshire, the £90m Fund for growing businesses, has backed David Cameron’s plans to invest £200m in elite Technology and Innovation Centres.
The Prime Minister unveiled plans to the CBI this week which will help commercialise world-class research carried out by British universities.
The centres would allow companies to access cutting-edge economies that would otherwise be beyond their reach and help them develop new products and processes so they can expand.
Finance Yorkshire’s Seedcorn Fund manager, Ed French, welcomes the decision. He said: “Universities hold a key to developing advanced industries. Their cutting-edge research has the potential to put Britain at the forefront of innovative ideas.
“Finance Yorkshire recognises this need and its Seedcorn Fund backs early stage technology-based ventures which have the potential to become “beacon companies” for the region.
“With so many high-class universities in Yorkshire, we hope investment in these fields will help boost the region’s economy while maintaining its reputation for advanced science and technology.”
At the beginning of its four year investment programme, Finance Yorkshire builds on the success of Partnership Investment Fund (PIF) and South Yorkshire Investment Fund (SYIF), which have funded innovative projects going on to support new industries.
Companies securing Seedcorn funding are based on new and pioneering technology with ideas that have strong potential. Once in the market, the companies are capable of rapid growth and returns of many multiples of their original investment.
The Seedcorn Fund can provide investment up to £780k over the lifetime of those companies that show the most commercial potential.
Helping a range of small and medium sized businesses to meet their funding requirements for growth and development, Finance Yorkshire provides seedcorn, loan and equity linked investments, ranging from £15,000 to £2m.
The project is supported financially by the European Union. It has attracted £30million investment from the European Regional Development Fund (ERDF) as part of Europe’s support for the region’s economic development through the Yorkshire and Humber ERDF Programme, £15million from Yorkshire Forward’s Single Programme, and £45million match funding from the European Investment Bank.
For more information about Finance Yorkshire, please visit www.finance-yorkshire.com or ring 0845 649 0000.
Note: this news article is from Finance Yorkshire’s previous fund. Read more about Finance Yorkshire