Member Article

Northstar to remain in the North East

Northstar Ventures is set to remain in the North East to provide funding and support to new and developing businesses in the region.

After careful consideration over the fund managers future in the region, Northstar’s parent company NF Holdings decided that the fund manager should should remain under its current ownership.

Antony Ross, chairman of Northstar Ventures said: “Northstar is pleased to announce today that it will remain independently-owned and based in the North East.

“Northstar Ventures will therefore continue with its proven strategy and mission of providing funding and support to new and developing businesses in the North East.”

Northstar currently manages two founds as part of the £125 million Finance for Business North East programme, including the £20 million Accelerator Fund for early stage businesses, and the £15 million Proof of Concept fund supporting innovative technology businesses.

The fund managers have also made significant investments into the North East creative industry in partnership with Northern Film & Media through the £2.4 million Creative Content Fund.

James Ramsbotham, chief executive of North East Chamber of Commerce welcomed the announcement saying: “Northstar is the most active of the region’s venture capital firms and it is excellent news that they are to remain in the region.

“In the last 12 months, they have invested over £8 million in 105 dynamic, young North East businesses – many of them Chamber members – providing the financial backing that has been sadly lacking from other sources.

“They work closely with entrepreneurs and early stage investors to build successful, sustainable enterprises. And, with Government looking to SMEs to lead the economic recovery, it is great they will still be around to offer local entrepreneurs the expertise and capital that can help turn their science, technology and innovation-based ideas into global businesses.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .