Law Firm Demonstrates Commitment to Entrepreneurialism and Innovation in the North

Irwin Mitchell’s Corporate team has played a significant role in facilitating the £1.4m investment by NPIF II – Praetura Equity Finance into seven promising tech and life sciences startups based in the North of England.

This investment follows the inaugural PraeSeed cohort - a programme funded by NPIF II – Praetura Equity Finance, which is managed by Praetura Ventures as part of the Northern Powerhouse Investment Fund II

The programme provided founders with workshops and presentations on scaling a business, financial modelling, and fundraising. Of the 12 startups that took part in the programme, seven are now receiving £200k worth of funding each to support their scaling plans.

Adam Kaucher, Corporate partner at Irwin Mitchell, led a legal team including Kieran Shields and Cynthia Toemmler that supported Praetura Ventures in structuring and executing the investment deals.

Expert Opinion

"This programme represents a significant boost for innovation and entrepreneurship in the North of England, and we’re proud to contribute to its success.

“Our involvement in this initiative highlights Irwin Mitchell's commitment to supporting burgeoning businesses and fostering economic growth in the region."
Adam Kaucher, Corporate partner at Irwin Mitchell

The seven startups receiving investment include:

• CCI Photonics : Developing a point-of-care test for accurate infection detection.
• Robotiz3d : Creating products to detect and repair road cracks and potholes.
• North AI : Using AI for smarter media and entertainment commissioning decisions.
• Aquaint : Developing a workflow and compliance app for hospitality and food services.
• ScrubMarine ): Developing a submersible vehicle for cleaning marine vessels.
• BidScript : Creating AI-powered software for bid management.
• WAC: A B2C app for hourly workers to track and ensure accurate payment of their hours.

Jessica Jackson, investment manager at Praetura Ventures and PraeSeed lead, said: “We were inundated with applications for our inaugural PraeSeed cohort, with 200 businesses applying to take part, highlighting that the north is alive with innovation. Our intention was always to invest in a limited number of companies that truly stood out, and that’s where we have arrived at with these seven businesses, whose founders displayed tenacity, a willingness to learn and, above all, the talent required to scale a successful business. Equally, we’re incredibly proud of the level of diversity displayed across our final seven companies, with entrepreneurs from diverse backgrounds and female founders receiving the funding needed to hit new milestones and enter a new chapter of growth.”

The £660m Northern Powerhouse Investment Fund II (NPIFII), which has funded PraeSeed through NPIF II – Praetura Equity Finance, covers the entire North of England and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.

The purpose of the Northern Powerhouse Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North of England. The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for the North’s smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.

The next instalment of PraeSeed will launch again in March next year and businesses wishing to take part our encouraged to follow Praetura Ventures on LinkedIn or X for more details.