PraeSeed reopens for Northern founders

A Northern-focused investment programme is reopening to back early-stage startups, with up to £1.6 million available for ambitious founders across the region.

Venture capital firm PXN Ventures has launched the third year of PraeSeed, its cohort-based preseed programme funded by the Northern Powerhouse Investment Fund II (NPIF II). 

The initiative aims to bridge the funding gap for startups across the North of England, with up to eight businesses set to receive £200,000 each.

Since launching in 2024, PraeSeed has invested £3 million into 15 startups spanning Manchester, Leeds, Newcastle and beyond. 

More than 85 per cent of companies backed in its first year have since secured additional funding, highlighting the programme’s role in preparing founders for follow-on investment.

The six-week programme, running across June and July, combines investor readiness workshops with one-to-one mentoring from experienced founders and investors. 

It concludes with an Investor Showcase in September, offering direct access to the region’s funding community.

Dr Elizabeth Young, investment manager at PXN Ventures, said: “PraeSeed has established itself as one of the key routes to funding for preseed businesses and founders across the North, so it’s a privilege to be taking the reins this year. 

“What makes PraeSeed stand out is the focus on investor readiness and the ongoing support we give to the portfolio beyond the programme to help them scale whatever they’re building and raise further investment, which is something that’s often lacking for founders at the very earliest stages of their journeys.”

PraeSeed forms part of PXN Ventures’ wider strategy following its merger between Praetura Ventures and Par Equity. 

Backed by the £660 million NPIF II, operated by the British Business Bank, the scheme supports innovation and aims to widen access to early-stage finance across the North.

Sue Barnard, senior investment Manager at British Business Bank, added: “Programmes like PraeSeed play a vital role in addressing the preseed funding gap and helping early-stage founders across the North turn promising ideas into investable business. 

“Through the NPIF II, we’re proud to continue backing initiatives that combine access to finance with hands-on support and mentoring. 

“The strong progression of previous cohorts shows the impact this kind of early intervention can have on the region’s innovation and economic growth.”

Applications for PraeSeed are now open and will close on April 10, with the programme starting on June 8. 

Founders who are interested in taking part are invited to apply via the PXN Ventures here.

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