East Lancashire Chamber of Commerce & Industry
East Lancashire Chamber of Commerce & Industry
07/15/2024 | News release | Distributed by Public on 07/15/2024 07:18
Northern Powerhouse Investment Fund II strikes first deal in the North West with specialist laboratory education provider
The Northern Powerhouse Investment Fund II (NPIF II) has completed its first deal in the North West since the launch of the £660m fund in March this year.
Based in Liverpool, BioGrad Education, a specialist laboratory education provider, has raised a six figure investment from NPIF II - FW Capital Debt Finance, managed by FW Capital and part of the Northern Powerhouse Investment Fund II.
Building on the first Northern Powerhouse Investment Fund, businesses across the North can now access up to £2m in debt finance through NPIF II, to start up, scale up or continue their growth journey.
With the funding from NPIF II, BioGrad Education will be able to create multiple new jobs and purchase equipment to help the team tender for new contracts.
Run by industry leading scientists, the business offers a unique set of laboratory and clinic-based training courses that inspire and train the next generation of people working in STEM. Courses range from Level 3 (A Level) up to Level 7 (Postgraduate) in its state-of-the-art facilities at Liverpool Science Park.
The investment is also providing working capital to enable the delivery of Skills Bootcamps across the UK. These will include practical and theory sessions to help students to apply the techniques learnt into a practical laboratory setting, preparing them for the workplace. The Skills Bootcamps are free courses for adults, co-designed and shaped with employers to respond to skills shortages through flexible training.
Dr Natalie Kenny, CEO of the BioGrad Group said:
"We're offering students the opportunity to access cutting edge science. There isn't a one size fits all route into research, science and medicine but our training courses provide students with pre-experiences, spending time in laboratories with scientists. We're excited about developing the Skills Bootcamps and are focused on further business growth. The support from NPIF II and Caroline Turley at FW Capital has been instrumental. She's really taken the time to immerse herself in our business and understand our future goals."
Caroline Turley, Investment Executive at FW Capital said:
"Natalie and the team at BioGrad Education are passionate and entrepreneurial, leading their field in scientific advances and healthcare education. Their approach to helping young people in the STEM field is inspiring and the team has won a number of awards recognising their innovation and leadership. I've enjoyed working with Natalie and the team, learning more about their future ambitions. BioGrad Education is a great example of a thriving scientific business within the Liverpool City Region. This investment is providing an important boost to the BioGrad Group's growth strategy, providing a platform from which to drive the business even further forward."
Ken Cooper, Managing Director at the British Business Bank said:
"BioGrad Education is the first in what will be a long list of entrepreneurial Northern businesses supported by NPIF II. The Northern Powerhouse Investment Fund II exists to enable businesses in the North to access the funding they need to grow and BioGrad is a great example of how access to the right funding can be transformative for companies with vision and ambition. By providing the investment to enable BioGrad to expand and create new opportunities, we are backing them to support future talent and address a critical skills shortage. We look forward to seeing the positive impact this business makes on both the local economy and the broader STEM community."
The £660m Northern Powerhouse Investment Fund II (NPIFII) 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.