British Business Bank allocates £57m to Northern England Innovation Clusters

The British Business Bank has allocated more than £57 million to five Innovation Clusters across the North of England. This funding represents over half of a £100 million national allocation intended to support high-growth businesses in alignment with the Government’s Modern Industrial Strategy.

The regional distribution of the funds includes £17.5 million for Greater Manchester, £13.5 million for West Yorkshire, £12 million for the North East, £9 million for the Liverpool City Region, and £5.5 million for South Yorkshire. The investment will be managed by Northern Powerhouse Investment Fund II (NPIF II) equity fund managers, specifically PXN Ventures, Mercia Ventures, and Maven Capital Partners.

Targeted sectors for this investment include clean energy, advanced manufacturing, digital technologies, life sciences, and professional and business services. The initiative aims to bridge the capital access gap for high-growth industries that are critical to both regional and national economic competitiveness. This new funding builds upon NPIF II’s previous activity, which has facilitated nearly £275 million to over 400 businesses in the region.