cross-posted from: radiation.party/post/132205
[ sourced from TechCrunch ]
[TECHCRUNCH] London’s not calling for Par Equity, as VC firm targets £100M at UK startups in the north
Submitted 1 year ago by Emperor@feddit.uk to unitedkingdom@feddit.uk
autotldr@lemmings.world [bot] 1 year ago
This is the best summary I could come up with:
While the fabled histories of Cambridge and Oxford attract some of the world’s greatest minds, and the nearby capital London serving as a perennial draw for top talent via the likes of UCL and Imperial College, the rest of the U.K. isn’t exactly lacking when it comes to academic credentials either — whether it’s through the so-called “red brick” universities of Manchester, Sheffield, Liverpool, and Leeds, or further north in places such as Edinburgh where greats such as Charles Darwin and Alexander Graham Bell studied.
Throw into the mix the ability to garner more favorable terms away from the buzzy south, and it’s easy to see why an investor might be tempted to lay their focus on locales further afield.
“In the north of the U.K. we have a combination of a rich manufacturing and engineering heritage coupled with academic institutions with world class R&D departments which are producing talent and innovation, accessible at sensible valuations,” Paul Munn, Par Equity managing partner told TechCrunch.
“In 2022, we backed an advanced materials business at one sixth of the valuation of its high-profile competitor based in the ‘golden triangle,’ which raised £60 million with an inferior product.
In total, Par Equity has deployed some £167 million in capital to date, incorporating 78 startups and 423 individual transactions including follow-on investments.
And while the fund will be managed from Par Equity’s central Edinburgh office, it also recently opened hubs in Leeds and Sheffield which will act in a support capacity.
The original article contains 785 words, the summary contains 247 words. Saved 69%. I’m a bot and I’m open source!