The fund is Enterprise Venture’s second ten-year venture capital vehicle, following on from the success of the original RisingStars fund, which was launched in 2002/3.

The geographical focus of the first fund was solely on the Northwest, so the expanded outlook marks a significant extension of Enterprise Ventures activities in the Northeast and Yorkshire regions.

Both funds have a particular focus on software, healthcare, materials, and environmental issues and invest in businesses that exploit new technologies, with protectable intellectual property rights, and the capability to grow rapidly to compete in global markets.

‘A key aim at the time of the first RisingStars fundraising, as with many other funds seeded with public monies, was that any follow-on fund would not need to draw upon public funds,’ recalls Jonathan Diggines, chief executive of Enterprise Ventures. ‘We believe this is the first follow-on fund to achieve this.’

‘The successful first closing is a strong endorsement of recent developments at EV, which is on track to meet its objective of becoming one of the leading venture capital and private equity players in the English regions. We now have in excess of £50 million under management,’ he concludes.