Northern scaleups secure more than £165m in investment for Q1 2022

Businesses in the North have attracted more than £165 million in Venture Capital investment in Q1 2022, according to a new survey from KPMG.

The money was raised across 65 deals in the region, with the largest type of financing deal in the North being early-stage VC.

One manufacturer based in Stockton-on-Tees, Sphera, a manufacturer of speciality materials for the construction sector, raised just over £2 million.

The latest figures come after KPMG launched its search for the UK’s next top tech innovator.

Businesses from early-stage to accelerated growth are being invited to pitch their innovations and present their growth ambitions to panels of local and global industry experts.

Michael Downes, corporate finance director at KPMG in the North East, said: “We are still seeing a fantastic range of businesses attract huge investments here in the North East.

“From healthtech to fintech and beyond, businesses here are leading the way on new ideas to disrupt the market.

“That’s why we hold our Tech Innovator competition each year, to showcase the incredible, innovative businesses we have in the region. If you know of a scaleup in the North East who fits the bill, they should be applying to our competition.”