The investment was made through NPIF – Maven Equity Finance, an NPIF product fund managed by Maven Capital Partners.
Catapult Cheshire Life Sciences Fund has also invested in the deal.
Microbiosensor – a University of Manchester spin-out company established in 2012 – develops disposable, point-of-care medical devices for the early diagnosis of microbial infection.
The new funding will allow the company to bring its product to market, build its intellectual property, execute its growth strategy and create value.
Roger Marsh, chair of both the Leeds City Region Enterprise Partnership (LEP) and the NPIF Strategic Oversight Board, said: “I’m very pleased that the Northern Powerhouse Investment Fund has reached this important milestone.
“The fund is making a significant difference to businesses across the North, helping them grow, create jobs and boost the UK’s overall competitiveness and productivity.
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“There are many fantastic, innovative businesses like Microbiosensor across the North and this is just the beginning of what those businesses can achieve with the right support and investment.”
Jake Berry, minister for the Northern Powerhouse, added: “The 100th investment into Microbiosensor will not only go towards bringing life-changing medical devices to the UK market, it will work to boost the North’s reputation as a global leader in cutting-edge medical research and help grow the Northern Powerhouse into a global-beating brand.”
The NPIF is financially backed by funding from the European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
Pictured above: left to right: Jake Berry, Northern Powerhouse minister, Sue Barnard, British Business Bank, Dave Furlong, Maven, Nishal Govindji-Bhatt, Microbiosensor, Gavin Bell, Maven, Curtis Dobson, Microbiosensor, Ken Cooper, British Business Bank and Gordon Barker, Microbiosensor
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