Northern-focused venture capital firm PXN Ventures has reopened applications for PraeSeed, its cohort-based investment programme designed to bridge the funding gap for preseed founders across the North of England.
Applications are now open with PXN Ventures recruiting a third cohort of 10-12 startups who will secure places on the six-week programme. Up to eight will receive £200,000 each from NPIF II - PXN Equity Finance, which is managed by PXN Ventures as part of the Northern Powerhouse Investment Fund II.
Since launching in 2024, PraeSeed has already invested a total of £3m into 15 startups across Manchester, Lancashire, Cheshire, Cumbria, Liverpool, Leeds, Newcastle, Durham and Sheffield. 85% of businesses funded in the 2024 cohort have since raised additional funding, including Whitehaven-based ScrubMarine, which raised $1 million in December to continue developing its underwater ship-cleaning robot.
The programme takes place over six weeks across June and July, with successful applicants gaining entry to investor readiness workshops and one-to-one mentoring sessions from PXN investors and experienced founders. George Fairhall, from the salary and wage management app WAC, took part in PraeSeed in 2024 and will be one of the experts supporting this year’s founders. Anish Kapoor, the CEO of Manchester-based fintech and global payments solutions provider AccessPay, is also taking part.
PraeSeed culminates in an annual Investor Showcase in September, giving participants direct access to the region’s investment community.
The programme also continues to attract a diverse mix of founders. In 2025, 50% of investee businesses were female founded, while 50% were ethnic minority founded. A quarter were repeat applicants who had previously been unsuccessful, demonstrating PXN’s commitment to supporting founders throughout their journey.
PXN Ventures launched in November 2025 after the merger between Praetura Ventures and Par Equity. With eight funds under management, the merged entity now offers even more routes to follow on for preseed founders graduating the programme.
This year’s programme is being led by Dr Elizabeth Young, who is highly experienced in helping to scale the North’s early-stage deep tech and life sciences ecosystem.
Dr Elizabeth Young, Investment Manager at PXN Ventures, said: “PraeSeed has established itself as one of the key routes to funding for preseed businesses and founders across the North, so it’s a privilege to be taking the reins this year. What makes PraeSeed stand out is the focus on investor readiness and the ongoing support we give to the portfolio beyond the programme to help them scale whatever they’re building and raise further investment, which is something that’s often lacking for founders at the very earliest stages of their journeys.”
Sue Barnard, Senior Investment Manager at British Business Bank, said: “Programmes like PraeSeed play a vital role in addressing the preseed funding gap and helping early-stage founders across the North turn promising ideas into investable business. Through the Northern Powerhouse Investment Fund II, we’re proud to continue backing initiatives that combine access to finance with hands-on support and mentoring. The strong progression of previous cohorts shows the impact this kind of early intervention can have on the region’s innovation and economic growth.”
Applications for PraeSeed are now open and will close on April 10th, with the programme starting on June 8th. Founders who are interested in taking part are invited to apply via the PXN Ventures website: www.pxnventures.co.uk/praeseed/
The £660m Northern Powerhouse Investment Fund II (NPIF II) covers the entire North of England and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.
The purpose of the Northern Powerhouse Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North of England. The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for the North’s smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.
