Northern Gritstone funding news – Manchester-based Northern Gritstone Secures €58 Million Funding

£35 million came from Northern LGPS, which manages pension funds for Greater Manchester, Merseyside, and West Yorkshire. The remaining £15 million came from new investors Fulcrum Asset Management and Aviva.

Paddy Dowdall, Assistant Director at the Greater Manchester Pension Fund, has also joined Northern Gritstone’s Board as a Non-Executive Director.

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Since starting in May 2022, the firm has invested in 32 early-stage companies in Northern England, expanded its team, and launched NG Innovation Services—a support platform offering talent development, business advice, and an accelerator called NG Studios.

Northern Gritstone invests in key areas like semiconductors, new materials, secure computing, AI, healthtech, and gene therapies—helping drive innovation and create future jobs in the region.

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”

Northern Gritstone Chief Executive, Duncan Johnson, said: “This new fundraise backed by Northern LGPS, Fulcrum and Aviva is testimony to our ability to create the world-leading businesses of tomorrow based on world-class innovation that exists in the North of England.”

Assistant Director GMPF, and Northern Gritstone Non-Executive Director, Paddy Dowdall, said: “Northern LGPS’ commitment to Northern Gritstone aligns with the UK Government’s mission to support UK innovation and growth through pension fund investing. I am delighted to join Northern Gritstone’s Board to support positive impact on local and regional growth”

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.”

About Northern Gritstone

Northern Gritstone is an investment company that supports science and tech businesses in Northern England. It was founded by the Universities of Manchester, Leeds, and Sheffield. The company follows a "profit with purpose" approach—aiming to deliver good returns for investors while also creating skilled jobs and benefiting society.