PXN and British Business Bank add £80M to North West fund, hitting £180M
What's the deal? PXN VenturesDealroom has a profile for this one. Try Dealroom → and the British Business Bank have added an £80m extension to their NPIF II — PXN Equity Finance fund, lifting its total size from £100m to £180m. The fund backs businesses across the North West of England with equity investment of up to £5m.
Why now? The extension follows strong demand during the fund's first two years and a run of exits. Since launching in 2024, PXN has received more than 3,000 applications and invested over £45m in 50 businesses, unlocking more than £50m in co-investment.
What's the endgame? The extra capital lets PXN invest through to 2030 across Greater Manchester, Merseyside, Cheshire, Lancashire, and Cumbria. Its portfolio spans software, artificial intelligence, advanced manufacturing, life sciences, fintech, and climate technology.
The exits: Manchester-based property software firm Street Group recently secured investment from Hg in a deal valuing it at more than £200m, delivering a 4.4x return for PXN's participating funds. It marked PXN's sixth exit in 12 months, with those businesses collectively valued at more than £400m.
"The response to the fund has been phenomenal and demonstrates the scale of the opportunity across the North West," said Louise Chapman, NPIF II fund principal at PXN Ventures. "This extension means we can support many more of them through to 2030."
The signal: The extension arrives alongside — but separate from — £150m the Chancellor announced this week to boost Northern businesses, underlining a growing push of capital toward founders building outside London.
Read more: insidermedia.com
Image credit: University of Salford
