NPIF II reaches £50 million milestone

The Northern Powerhouse Investment Fund II (NPIF II), operated by the British Business Bank, has reached a significant milestone after investing £50 million across more than 130 businesses in the North of England since its launch in March 2024. 

With £660 million in total funding and building on the success of its predecessor, NPIF II provides loans ranging from £25,000 to £2 million and equity investments of up to £5 million, helping SMEs to start, scale and innovate, “creating opportunities for local entrepreneurs” across the North.

Notable recipients include Stockton-on-Tees-based Southern Asset Management, which secured funding to expand into onshore wind turbine testing and rail sectors, aiding the green energy transition. 

Sheffield’s FinLegal raised £2 million to accelerate the growth of its international client base, while Cumbria-based robotics company Scrubmarine received £200,000 to advance its underwater cleaning technology.

Ken Cooper, managing director at the British Business Bank, said: “From asset management firms contributing to a green economy, to AI-enabled LegalTech companies and underwater marine tech, NPIF II is already having an impact across all parts of the North of England. 

“Our region is home to some truly innovative businesses, and we want to ensure that every ambitious entrepreneur has the right support and finance to help their business to thrive.

“The finance from NPIF II, and the work of our fund managers, is already boosting regional economies and creating opportunities for local entrepreneurs. 

“We have supported some great businesses so far, and we look forward to seeing the continued impact of NPIF II as it approaches its first year in operation.”

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