A Cumbrian company firm which provides autonomous inspection and cleaning of ships which allows vessels to remain in water is among organisations to have benefitted from the Northern Powerhouse Investment Fund II.
Whitehaven-based ScrubMarine secured over £740,000 in a pre-seed funding round led by NPIF II – PXN Ventures Equity Finance.
Founded by 21-year-old Rohith Devanathan, the funding will help the business develop an autonomous system designed to clean and inspect ship hulls, improving efficiency while also reducing fuel consumption and environmental impact.
It’s claimed more than £151.3m in direct investment across the region has helped to unlock an additional £122.6m from the private sector, delivering capital that northern businesses may not have otherwise been able to access.
Over the last two years, the fund has supported a diverse range of businesses through debt and equity investment, helping them to achieve their growth ambitions and bring innovative ideas to market.
Operated by the British Business Bank, the Northern Powerhouse Investment Fund II provides a mix of debt and equity funding.
NPIF II will offer a range of commercial finance options with smaller loans from £25,000 to £100,000, debt finance from £100,000 to £2m and equity investment up to £5 million.
It works alongside combined authorities, Local Enterprise Partnerships (LEPs), and growth hubs, as well as local intermediaries such as accountants, fund managers and banks, to support the South West’s smaller businesses at all stages of their development.
“The North West continues to demonstrate just how much potential there is across the region, and in just two years NPIF II has already supported an impressive number of businesses on their growth journeys,” Mark Sterritt, senior investment director at the British Business Bank, said.
“From innovative businesses that are pushing forward new sustainable technologies, to organisations enhancing local wellbeing spaces, the breadth of ambition we’re seeing here is remarkable. With a particular focus on breaking down traditional barriers to accessing finance, we’ve also made great progress in targeting funding in harder‑to‑reach areas and founders from diverse backgrounds.
“The launch of the UK’s Modern Industrial Strategy has provided us with a clear framework under which we can support high growth Northern businesses, ensuring our region can compete on a national scale.
“We’re helping to build a strong investment ecosystem, working across Innovation Clusters and Growth Corridors, all ensuring that Northern entrepreneurs can access the capital they need to drive sustainable, long-term growth.”
