New fund launched to Accelerate businesses

A NEW £35m fund aimed at high-growth North East businesses has attracted more than 50 applications within three weeks of its launch, managers say.

- GRAEME WHITFIELD

The North East Accelerate Fund, which is managed by Mercia Ventures, offers up to £1m investment for early-stage companies across the region.

Mercia says the first deals from the fund announced recently by North East mayor Kim McGuinness are expected to complete early in the new year. Ian Wilson, fund principal at Mercia Ventures' Newcastle office, said: "The North East Accelerate Fund has quickly gained traction with businesses in the region, highlighting the strong demand for capital.

"We have worked hard to fast track applications through the pipeline and the first deals are already progressing.