THE national venture capital group that runs a £25m fund for technology business is confident it will soon be able to reveal new additions to its roster of completed deals.
IP Group has already invested £250,000 in Teesside technology firm Onyx, as well as £750,000 in Newcastle train tech company Nomad Digital via the Finance for Business North East Technology Fund.
The fund was launched last year and aims to support more than 60 high- growth businesses in the region with packages of between £50,000 and £1.25m. IP boasts a team of four in Newcastle who work with a nationwide workforce of 25.
Newcastle-based IP Group investment manager Nick Edgar said the company is also preparing to hold its third clinic for residents of Sedgefield’s NetPark technology park on February 1, allowing interested parties to learn more about effective commercialisation and acquiring investment.
Edgar said: “We’ve already announced investments in Nomad Digital and Onyx, and we’re on track to get through the legals and signed agreements stage with quite a few more.
“We’ve found demand has been very strong. It’s a relatively tough economic climate and there’s a lot of people engaged with start-ups as well as growing businesses.
“We’ve had about 250 to 300 enquiries to data. We’re actively building a portfolio that ranges from pre-revenue businesses to companies with turnover of £15m or more. This year has started very positively in terms of the number and quality of things hitting our desk.”