Member Article

North East businesses invited to shape the structure of £160 million JEREMIE2 fund

The new JEREMIE2 venture capital fund project team is asking local business people to help shape the structure and focus of the £160m fund when it opens for business from 2016.

The JEREMIE2 project team is giving all North East-based businesses and entrepreneurs the chance to complete a short survey to help them target the new funds most effectively.

The survey closes on 5 December and results will help the team design and build a business case for JEREMIE2.

The new fund will be investing from 2016 until 2020.

The survey includes questions about which types of businesses should be targeted, what sizes, sectors and locations of business and what types of funding are required most.

The venture capital fund, which is being developed in a unique collaboration for businesses across the region by the North East Local Enterprise Partnership and Tees Valley Unlimited LEP will provide funding for growing businesses in both local enterprise partnership areas.

JEREMIE2 will expand the work of the original JEREMIE fund, which has been hailed as England’s most successful regional investment fund.

Launched in 2010, JEREMIE1 has invested nearly £110m to date in 650 North East companies and secured more than £120m in investment from the private sector.

JEREMIE2 deputy project director Estelle Blanks said: “The views and experiences of the business community are all important to us in putting together evidence for JEREMIE2 in the North East.

“The more responses we have, the more targeted we can be in structuring the new funds whilst taking into account funders’ requirements.

“That will increase their impact on individual enterprises and on the region’s longer-term growth.

“The survey only takes a few minutes and it could make all the difference to future prospects for your business, once JEREMIE2 begins to invest.”