The UK government has launched a new £150m scaleup fund to back spinouts and startups across the north of England. The initiative aims to support high-growth companies emerging from universities and research institutions in regions such as Manchester, Leeds, and Newcastle. Funding will be managed by an appointed fund manager, with investments targeting innovative sectors including life sciences, advanced manufacturing, and digital technology.

The fund forms part of the government’s broader strategy to level up economic opportunity outside London and strengthen the UK’s innovation ecosystem. Officials say the fund will help de-risk early-stage ventures and attract private capital to northern regions. Applications for the fund manager role are now open, with a selection process expected to conclude later this year.

The government emphasized that the fund will prioritize diversity and inclusion in its investment approach. This move follows similar regional investment vehicles launched in Scotland and Wales. The £150m commitment signals a sustained push to unlock the potential of northern England’s growing startup landscape.