The Northern Powerhouse Investment Fund (NPIF) is celebrating reaching another milestone with more than £10m now invested across the Northern Powerhouse region.
Launched at the end of February 2017, NPIF supports regional entrepreneurship to create economic prosperity in the North of England. NPIF investment are provided through appointed fund managers which have already provided funding and support to more than 90 businesses.
One of the latest investments to edge the Northern Powerhouse Investment Fund towards this significant milestone was a £100,000 investment by NPIF – Maven Equity Finance, a product fund managed by Maven, which was secured by Manchester-based social media marketing agency, Engage Hub.
The company will be using the investment to expand their current team of specialists and provide additional working capital to meet their rapidly growing customer base which already includes, Living Ventures, the Chop Houses and Q-Hotels.
Over the last six months, NPIF fund managers have provided finance to a number of high-profile businesses across a range of sectors, including a £250,000 investment to Blackpool-based, Omega Product Services and an £500,000 investment to Warrington-based renewable energy specialist, Aberla.
Jake Berry, Northern Powerhouse Minister, said: "It’s fantastic to see that so soon after we launched the Northern Powerhouse Investment Fund it’s already provided £10m to support Northern businesses.