PXN Group sets £1 billion tech ambition

An investment firm is setting ambitious goals to boost funding for high-growth companies across the North.

PXN Group has been launched following the merger of Par Equity and Praetura Ventures, creating what is positioned as the fastest-growing venture investment platform outside London and the South East. 

Backed by newly granted regulatory approval, the group aims to unlock £1 billion in funding for northern tech businesses by 2030 and increase investment into the region’s most promising companies by 50 per cent.

Formed from two long-established northern investors, the group plans to channel at least £300 million directly into the ecosystem while using its co-investment network to attract a further £700 million from UK and international partners. 

With 115 active portfolio companies already in place, PXN intends to double that number within four years as part of its mission to close the long-standing regional funding gap.

Dave Foreman, chief executive of PXN Group and founder of Praetura Ventures, said: “The data is clear; the North delivers exceptional returns, is home to more scale-ups and represents enormous untapped potential. 

“The venture capital community is missing out on the Northern opportunity and we want to change that. 

“Our commitment to unlock £1 billion by 2030 isn’t just about writing cheques. 

“It’s about being the catalyst that makes the North impossible for global investors to ignore and channelling significantly more capital into the region’s next generation of founders. 

“We will be measuring ourselves against the region’s start-up and scale-up success, not just our own.” 

The launch comes as London continues to attract the majority of UK venture capital despite the North’s strong innovation base, productivity growth and significant pipeline of potential scale-ups. 

PXN enters the market with £700 million in assets under management, a portfolio generating £290 million in revenue and a 58-strong team operating across Manchester, Edinburgh, Yorkshire and London.

Alongside its investment activity, the group will also expand the range of products available through PXN Investments, supporting advisers and their clients with VCT, EIS and inheritance tax planning services.

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