Investor Profile: Northern Gritstone — Thesis, Cheque Size & How to Apply

For academics in the North of England turning research into a company, Northern Gritstone funding is the home-turf investor built for exactly that journey. The Leeds-based firm invests in science and technology startups solving global problems, and it works in partnership with the Northern Arc universities of Leeds, Liverpool, Manchester and Sheffield. If you are considering how to get funding from Northern Gritstone, your university is the front door.

Investment thesis

Northern Gritstone follows a philosophy it calls profit with purpose: strong returns for investors alongside high-skilled jobs and economic impact in the North of England. It looks for visionary companies with strong intellectual property and the ambition to change the world, and it is willing to be patient, supporting companies from early stages to later growth.

Sectors and stages

The firm focuses on deep tech and life sciences, including semiconductor design and manufacturing, novel materials, secure computing, artificial intelligence, healthtech and gene therapies. It invests from early stages through growth. Its Northern Arc universities together generate close to £800 million in research funding a year.

Fund size and cheque size

Northern Gritstone is funded with permanent capital rather than a conventional ten-year fund. After a £20 million rolling close in April 2026, anchored by a £10 million cornerstone investment from the British Business Bank, its total permanent capital reached £382 million, building on a £362 million close in April 2025. The firm does not publish a standard per-deal cheque size, so its cheque size is not publicly disclosed.

Notable portfolio

• Silvia Bio — a University of Sheffield spinout using biomanufacturing research to improve yields and quality in complex medicines production.
• Sitehop — hardware-enforced, quantum-ready encryption, which secured a £7.5 million investment led by Northern Gritstone.
• BOW — universal robotics software from Sheffield, which secured a £4 million seed investment led by Northern Gritstone.
• Crucible Therapeutics — a University of Sheffield spinout that raised £5 million to advance treatments.

By 2026 the firm had made 51 investments.

Partners and team

Northern Gritstone is chaired by Lord Jim O'Neill, the former Treasury minister and Goldman Sachs economist, and run as chief executive by Duncan Johnson. It was launched in July 2021 by the universities of Leeds, Manchester and Sheffield, with Liverpool joining the Northern Arc partnership, and it began investing in May 2022. Its shareholders include institutions, northern pension funds and individuals, with each founding university holding a small stake.

Programs run, credits and perks

The firm's support arm is NG Innovation Services, with five functions: NG Studios, bespoke pre-seed programmes turning research into investment-ready businesses; NG Talent, connecting founders with experts and peers; NG Growth, hands-on sales coaching; NG Co-Investment, building aligned syndicates; and NG Business Services, covering business basics. NG Studios runs a technology pre-seed programme with Deeptech Labs (2024 cohort: £19 million raised) and a four-month life sciences programme with KQ Labs.

How to apply for funding

There is no open public pitch form for any startup anywhere. The route runs through a Northern Arc university's innovation or technology transfer team, or through NG Studios for pre-seed founders in the region. Academic founders should arrive ready to explain the intellectual property, the problem and the team.