Praetura Ventures is raising money for its first Enterprise Investment Scheme, which will be used to fund around eight to ten early-stage companies in the North West region.
The company plans to raise £15m of EIS capital as part of its mission to bridge the estimated £300m venture capital funding gap for scaling businesses in the North West of England.
Praetura Ventures, which was formerly known as Praetura Capital, has invested over £100m since 2011, with four successful exits to-date at an average of 8x return on investment. Its existing portfolio is made up of a number of the North West’s early stage businesses including Peak AI and Sorted.
Due to close mid-May, the EIS fund will invest in high-growth early-stage tech or IP enabled businesses, targeting a minimum return of 2x over a five to seven-year period.
Praetura Ventures is also announcing a number of senior hires. Formerly Chief Commercial Officer at Phones4U, Scott Hooton has joined the business as Operations Director. In addition, Praetura Ventures has brought on board Jonathan Prescott, previously Regional Sales Director at Octopus Investments to head up Business Development and Fundraising activities. Mark Lyons and Guy Weaver have also joined to co-lead the Investment Team after holding leadership roles at Aston Ventures and KPMG respectively.
Praetura Ventures is part of the Praetura group, sitting alongside debt-focused businesses Praetura Asset Finance and Praetura Commercial Finance.
David Foreman, Managing Director of Praetura Ventures, said: “The launch of our first EIS fund is an exciting milestone for Praetura Ventures, as we look to bridge the funding gap in the North West. The fund will allow us to back exceptional management teams and entrepreneurs and will open up opportunities for investors to benefit from the entrepreneurial talent in the region. The fund is the first step in our journey to become a leading venture capital firm in the region. We’re now eager to hear from ambitious entrepreneurs and management teams as well as investors who are keen to invest in exciting opportunities in the North West.”