GM&C Life Sciences Fund announces £100m+ in matched private sector investment for Greater Manchester, Cheshire and Warrington

Alderley Park, UK, 19th March 2025 – The GM&C Life Sciences Fund, managed by Catapult Ventures, has announced that to date it has leveraged over £100m in private sector life science co-investment.

Managed by Catapult Ventures, the GM&C Life Sciences Fund is a seed and early-stage venture capital fund that has been investing in life sciences businesses in the Greater Manchester and Cheshire & Warrington region since October 2015. The Fund’s portfolio companies are spread across all life science sub sectors from pharmaceuticals and biotechnology to digital health, diagnostics, medical devices and services companies.

The Fund is the result of a collaboration between Enterprise Cheshire and Warrington (formerly known as Cheshire and Warrington LEP), Greater Manchester Combined Authority, Cheshire East Council, and Bruntwood SciTech.  With contributions from both private and public-sector partners, the size of the Fund at launch was around £31m.

In addition to its investment from the GM&C Fund, the portfolio as a whole has now leveraged in excess of £103m in additional private sector funding, primarily from other venture capital funds, but also from business angels.

When investment with some form of government funding, such as the Northern Powerhouse Investment Fund, is included, the leveraged figure increases to almost £119m. The portfolio has also leveraged a combined c.£18m in grant funding, from UK-based organisations such as Innovate UK, but also from overseas organisations, such as CARB-X and ERDF.  

Commenting on the success of the GM&C Fund to date, Catapult CEO Nick Wright said: “We know that investing in early stage businesses is risky, and life sciences companies especially so, but the success of the GM&C Fund in leveraging so much co-investment and follow-on funding is testament to both the quality of the companies in the region and the strength of the region itself.”

Gareth King, Life Science Partner with the GM&C Fund highlighted that the amount of co-investment is likely to grow for some time yet: “As many of our companies continue to grow, they will need larger and larger funding rounds to progress to the next level, so these co-investment figures can be expected to grow significantly over the next few years.”

Mayor of Greater Manchester, Andy Burnham, said: "Greater Manchester is world-renowned as a hub for innovation in health and life sciences. This impressive £100m of additional private co-investment reflects the strength of the sector in our region. The GM&C Fund has helped Greater Manchester to further establish itself as a UK leader in life sciences research and innovation.”

Dr Kath Mackay, Chief Scientific Officer for Bruntwood SciTech, the UK's largest property provider dedicated to the growth of the science, tech and innovation sectors, commented: “Funding is of paramount importance to all businesses, but perhaps particularly so in the science and technology sector, where there is such an imperative need for continuous innovation. The GM&C Life Sciences Fund is an active and productive force at Alderley Park and our Manchester campuses and has been very effective in helping getting businesses established.”

Councillor Louise Gittins, Leader of Cheshire West and Chester Council and Chair of the Cheshire and Warrington Sub-Region said: “It is wonderful to see the growth of the GM&C Life Sciences Fund and continued investment into our world class life sciences sector, helping to build the global reputation of the Cheshire Science Corridor which, stretching 40 miles across the M56 corridor, is the largest concentration of private sector science and technology assets in the North of England and includes human and animal life science firms in locations that stretch from Alderley Park to Leahurst and Chester Zoo.

“Investment of this type is key in helping us to deliver the collective vision of leaders across Cheshire and Warrington that the region will become the healthiest, most sustainable, inclusive and fastest growing place in the country.”

Councillor Michael Gorman, chair of Cheshire East Council’s economy and growth committee, said: “I am delighted to see the Fund reach this landmark. The Fund is integral to the growth and success of the life science sector in Cheshire East.

“We have established sector expertise in life science, pharmaceutical, automotive and financial services in the borough combined with niche strengths in astrophysics, instrumentation, agri-tech plus creative and digital. This is a strong and positive reflection of our overall growth ambitions, and I am very pleased that the investments made have created high-quality jobs for local residents and contribute to our international reputation as a great place to invest.

“Further to that, such investment can only bode well for our sub-regional working with the Cheshire & Warrington Combined Mayoral Authority, which has an ambition to support an investment zone in the life science corridor.”