The North’s growth story continues with £180m invested from NPIF II

The North has long been home to some of the most innovative businesses in the world. As the home of the Industrial Revolution, we’ve always been at the epicentre of global advancements. However, in an increasingly competitive world, it’s important that we provide businesses with the funding and support they need to continue delivering on this track record across our region.

This is exactly what we’ve been doing with the Northern Powerhouse Investment Fund II (NPIF II) by driving sustainable economic growth by supporting innovation and creating opportunities for businesses across the North. In less than two years, we’ve already injected over £180m of investment into the region’s economy – helping the region's most ambitious founders access the capital they need to start up and grow.

Unlocking opportunity across the North

The first Northern Powerhouse Investment Fund (NPIF) delivered over £1bn in direct investment and private co-investment, helping to create jobs, drive innovation and strengthen the region’s business ecosystem.

Building on this success, NPIF II has now directly invested £115m into more than 300 small businesses across the North of England, alongside an additional £68m of private sector co-investment. Together, these investments have fuelled over 315 deals, empowering the next generation of Northern entrepreneurs and supporting sustainable economic growth across the region.

The success of NPIF II over the past 18 months highlights the strong demand for targeted funding among Northern entrepreneurs. Our regions are full of ambitious founders and innovative businesses, but without the right backing, they often struggle to reach their full potential. This isn’t just about finance – it’s about giving businesses the confidence to grow and showing them that someone is in their corner, championing their success.

Investing in innovation and impact

This funding has reached a diverse mix of businesses across a wide range of sectors, including advanced manufacturing, digital technologies and the creative industry. All of these align well with the Government’s eight priority key sectors set out in the Industrial Strategy.

The introduction of Industrial Strategy Zones builds on this momentum, directing investment into regional innovation hubs. Notably, West Yorkshire has been identified as a HealthTech Zone, showcasing the region’s combined strengths in life sciences and digital technologies. The North East has also been identified as an Advanced Manufacturing and Clean Energy Industries Zone, while the Liverpool City Region was named as a Freeport and Investment Zone. By supporting innovation and growth within these areas, NPIF II is helping to strengthen the North’s position as a driver of national economic progress.

Success stories from across the North

While the numbers are undoubtedly impressive, the real impact is in the individual businesses that we support in every corner of the North, with each having their own unique offerings and aspirations.

In Preston, forward-thinking legal services provider All Law Limited secured a £50,000 investment from NPIF II – River Capital & GC Business Finance Smaller Loans. Having already established itself as an innovative alternative to traditional law with a mission to demystify legal processes and make professional legal support more accessible and cost effective, the funding injection will support the All Law's ambitious growth plans and create two additional full-time positions.

Over in Sheffield, leading independent bridge engineering specialist EKSPAN secured £1.4m in funding from NPIF II – Mercia Debt Finance. With over 30 years of experience, the company has helped deliver some of the UK’s most high-profile infrastructure projects. The business is now using the investment to expand its capabilities, with a target to increase turnover by 50% over the next three years.

Meanwhile in County Durham, Magnitude Biosciences, a specialist contract research organisation offering vivo discovery treatments for age-related conditions, received £700,000 from NPIF II – Maven Equity Finance. The investment is helping the business scale its high-throughput screening platform, which will be able to screen thousands of compounds a week. Led by Dr Fozia Saleem and based in NETPark, is a key player in the North East’s growing hub for digital and life science innovation.

Looking ahead

These businesses are a great reminder of the strength and diversity of talent across the North, and of the vibrant ecosystem that continues to thrive here. As NPIF II continues to expand its reach, our focus remains on helping innovative businesses access the funding they need to grow. Each investment contributes to a stronger, more competitive Northern economy.

This £180m milestone reflects the continued strength and momentum of the North’s business ecosystem. With over £500m still to deploy, we remain committed to unlocking the potential of our region, empowering entrepreneurs to bring their bold ideas to market to ensure the North remains a global hub of innovation.