Investment firm Northern Gritstone secures €58 million for life sciences and DeepTech

Manchester-based Northern Gritstone, the life sciences and DeepTech investment firm, has announced its latest fundraise of €58 million from leading institutional investors bringing its total permanent capital to €422 million. €40 million of the new funding commitments come from Northern LGPS, the collective asset pool for Greater Manchester, Merseyside and West Yorkshire Pension Funds, with […] The post Investment firm Northern Gritstone secures €58 million for life sciences and DeepTech appeared first on EU-Startups.

Apr 10, 2025 - 14:31

Investment firm Northern Gritstone secures €58 million for life sciences and DeepTech

Manchester-based Northern Gritstone, the life sciences and DeepTech investment firm, has announced its latest fundraise of €58 million from leading institutional investors bringing its total permanent capital to €422 million.

€40 million of the new funding commitments come from Northern LGPS, the collective asset pool for Greater Manchester, Merseyside and West Yorkshire Pension Funds, with a further €17 million boost from new investors Fulcrum Asset Management and Aviva.

Northern Gritstone Chair, Lord Jim O’Neill, said: “We are very grateful for this further support from investors in our journey to develop world winning businesses in the North of England originating from our University ecosystem and contributing to the future of higher value added activity and the North’s productivity”

Active since 2022, Northern Gritstone has already made 32 investments in early-stage businesses in the North of England, expanded its investment team and built NG Innovation Services, its venture building ‘toolkit’ offering, including: talent management; growth advice; business services; and the accelerator programme, NG Studios.

Northern Gritstone benefits from a long-term relationship with its Founding University Partners of The Universities of Leeds, Manchester and Sheffield.

The company supports areas of development and future job creation in DeepTech and life sciences, including semiconductor design and manufacturing; novel materials; secure computing; AI; HealthTech; and gene therapies.

Fulcrum Asset Management Executive Director David Merton said “We are delighted to form a long-term partnership with Northern Gritstone. Our venture capital strategy is built around identifying and backing leading hubs of innovation. It became clear during our due diligence that Northern Gritstone’s design and focus on spin-outs from leading universities in the North of England strongly aligns with this.

“We see immense potential in their ambition to cultivate a dynamic community of science and technology businesses across the North — a vision that we are proud to support.”

Managing Director, Venture and Strategic Capital, Aviva Investors, Ben Luckett also added “Aviva has a substantial presence across the North of England and is delighted to support growth investments developed within the region through our investment with Northern Gritstone. University spin outs will help power innovation, drive tangible real-world impact, and support the UK to get ready for the future.”

Together with its early-stage ‘toolkit’ NG Innovation Services, Northern Gritstone offers ‘Capital+++’ connecting early-stage company founders with funding and expertise to scale their businesses.

Northern Gritstone has also announced the appointment of Greater Manchester Pension Fund Assistant Director Paddy Dowdall to its Board as Non-Executive Director.

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