In a big win for innovation up North, Northern Gritstone just wrapped up a fresh funding round worth £50 million—another boost for the firm that’s been doubling down on supporting cutting-edge science and technology startups since 2022.
Major Contributions from Public and Private Backers
The newly raised sum includes a hefty £35 million commitment from Northern LGPS, the joint investment pool representing the pension funds for Greater Manchester, Merseyside, and West Yorkshire.
On top of that, fresh investments came in from Fulcrum Asset Management and insurance giant Aviva, who together pitched in £15 million.
All of this takes Northern Gritstone’s total permanent capital to a strong £362 million—fueling even more of the firm’s mission to back the next big thing in deeptech and life sciences.
Strategic Leadership and Board Expansion
The firm, chaired by Lord Jim O’Neill and led by CEO Duncan Johnson, also welcomed a new face to its leadership team.
Paddy Dowdall, Assistant Director at Greater Manchester Pension Fund, has officially joined the board as a Non-Executive Director—bringing additional insight from one of the fund’s biggest supporters.
Backing the North’s Brightest Innovators
Since launching operations in May 2022, Northern Gritstone has made waves with 32 early-stage investments across the North of England.
Its portfolio spans a wide range of emerging sectors, from semiconductor design and new materials to healthtech, AI, secure computing, and gene therapies.
The firm doesn’t just hand out cheques—it builds ecosystems.
Through NG Innovation Services, it provides startups with vital tools, like talent sourcing, business growth strategies, day-to-day services, and its NG Studios accelerator program.
Offices Across Key UK Innovation Hubs
With bases in Leeds, London, Manchester, and Sheffield, Northern Gritstone is staying close to the beating heart of UK innovation.
And with this latest £50 million injection, the firm looks more determined than ever to unlock the full potential of homegrown science and tech.