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GM&C Life Sciences Fund announces 25th investment

13 September 2018

GM&C Life Sciences Fund announces 25th investment

Investment in digital healthcare company Rinicare is milestone deal for Fund

Alderley Park, UK, 13th September 2018 – The GM&C Life Sciences Fund, managed by Catapult Ventures, has announced its 25th investment by completing the funding of Alderley Park based Rinicare Limited.

Rinicare is an intelligent healthcare company and the investment will be used to support the commercialisation of Rinicare’s digital healthcare portfolio, which uses artificial intelligence and machine learning to improve medical outcomes while reducing costs in a number of emergency, intensive, primary and community care settings. NPIF - Mercia Equity Finance, which is managed by Mercia Fund Managers as part of the Northern Powerhouse Investment Fund, also co-invested in the company.

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 is the result of a collaboration between Cheshire and Warrington Local Enterprise Partnership, Greater Manchester Combined Authority, Cheshire East Council, and Manchester Science Partnerships. With contributions from both private and public-sector partners, the size of the Fund at launch was around £31m.

The Fund’s 25 portfolio companies are spread across all the life science sub sectors: Pharmaceuticals (3), Biotechnology (4), Diagnostics (3), Life Science contract research organisations (CRO) (1), Healthcare technologies (9) and Medical devices (5).

Commenting on the success of the Fund to date, Catapult CEO Nick Wright said: “The quality of the core investment team at Alderley Park, supported by our specialist Venture Partners, is incomparable in the UK. Their knowhow, combined with some fantastic deal flow, has helped create a fund with a truly inspirational portfolio, with a good mix of start-up and growth-stage companies. Many of the companies we backed at the ‘idea’ and ‘proof of concept’ stage have already become fast-growing revenue generating companies and a handful have closed further funding rounds at much higher valuations.”

Chris Doherty, Managing Director of Alderley Park, commented: “Funding is of paramount importance to all businesses, but perhaps particularly so in the science and technology sector, where there is a strong emphasis on innovation. The GM&C Life Sciences Fund is an active and productive force at Alderley Park and has been very effective in helping getting businesses established. Our flourishing Mereside campus is already home to 65 SMEs and 150 start-ups and we are continuing to support the start-up and scale up of further life science businesses.”

Philip Cox, CEO, Cheshire and Warrington LEP said: “Cheshire and Warrington LEP is pleased with the progress being made by Catapult Ventures.  It is particularly pleasing to see the number of investments being made at Alderley Park, which are helping transition the site from Astra Zeneca ownership to being the biggest bio-science campus in the UK and one that has a growing global reputation.”

Councillor Rachel Bailey, leader of Cheshire East Council 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.  I am delighted that the investments made have created high quality jobs for local residents and contribute our international reputation as a great place to invest.”

Mayor of Greater Manchester, Andy Burnham, said: “Greater Manchester and Cheshire Life Sciences Fund deserve praise having completed the funding of Rinicare, their 25th investment and a really impressive milestone.  The Fund invests in life sciences businesses in Greater Manchester and the Cheshire and Warrington region. I am pleased to support the Fund alongside Cheshire Warrington Enterprise Partnership, Cheshire East Council and Manchester Science Partnerships.   This investment for digital healthcare company Rinicare fits our broader agenda for Greater Manchester and I can’t wait to see what happens. This is a good example of our vitally important approach, helping to transform the health of the people in Greater Manchester.”

Photo caption: 
Nick Wright, far left, with members of MSP, Cheshire East Council, Cheshire and Warrington LEP and Manchester City Council, taken at the Fund’s official launch in October 2015.