A North East venture capitalist has unveiled plans to invest in more than 20 companies within the region over the next 18 months.
Named by online VC database CB Insights as one of the UK’s most active investors, Northstar Ventures is calling on regional businesses wanting to grow or explore new ideas to get in touch to discuss potential investment.
Over the last year, the group has invested more than £6m into a range of companies from its two active funds, The Proof of Concept Fund and the Accelerator Fund.
It is planning to invest a similar sum before the end of 2015 in over 20 businesses of varying sizes, from start-ups to established firms looking to embark on their next stage of growth.
Alasdair Greig, director of Northstar Ventures, said: “We are very proud of the investments that we have made over the past few years in innovative North East businesses and are looking forward to building our portfolio further over the next 15 months.
“We want to hear from businesses across the region who could benefit from funding in the coming year. It is not necessary to have an in-depth business plan in place before you contact us.
“We will work with you to produce this, what we are looking for is a strong team with great ideas.”
The Finance for Business North East (FBNE) Proof of Concept Fund is aimed at early stage businesses in the technology sector and other high growth areas, and the FBNE Accelerator Fund invests in innovative high growth businesses.
Recruitment Force, a Northstar Ventures investee, has received funding from both the Proof of Concept and Accelerator Fund.
Eldon Jobe, co-founder of Recruitment Force, said: “Northstar Ventures has been an investor in Recruitment Force since 2010 and their help and support has been invaluable. I have really enjoyed working with them throughout the process. The funds have been invested by way of both loan and equity.
“In order to grow the value of our business, my partner and I realised we needed significant investment to do this, which is when we decided to approach the team. We would not be where we are today without Northstar’s help.”
Mr Greig added: “Recruitment Force is a great example of how investment can help a company expand – it is now on track to turn over £1m by the end of the year and within a year, the number of staff has increased from two to 19. We would like to invest in a number of other organisations like this who will be at the heart of the North East’s continuing success.”