The British Business Bank has allocated £12m to the North East Innovation Cluster to support high-growth businesses aligned with the Government’s Modern Industrial Strategy, with PXN Ventures, Mercia Ventures and Maven Capital Partners delivering funding through NPIF II, the Bank said on 7 October.

The allocation is one of five northern clusters sharing more than £57m from a £100m national programme. The release does not set out how the £12m will be divided between the three managers or when it will reach businesses.

The North East Mayoral Strategic Authority’s Local Growth Plan identifies offshore wind and energy transition, advanced manufacturing including electric vehicles, and tech, digital and AI among its growth sectors. The Bank has not published a sector split for the allocation.

The Bank said NPIF II has facilitated almost £275m into more than 400 businesses across the North since its launch.

One named example is Newcastle technology company MySalesCoach, which received £1m from NPIF II – Maven Equity Finance, alongside £500,000 from existing investors Northstar Ventures and Creative UK’s North East Fund.

The Bank announced that investment on 19 March 2026, so it predates the new cluster allocation. The Bank describes MySalesCoach’s sales-coaching system as combining expert coaches and AI; the investment was intended to support its technology platform and sales and marketing activity, with international growth in view.

Adam Kelly, the Bank’s managing director of debt and regional funds, said the clusters would help “bridge this gap, building on the success we’ve already achieved through NPIF II” and target industries important to regional and national growth.

In June 2025, the Bank announced a targeted additional £100m investment into existing Nations and Regions Investment Funds, alongside dedicated Cluster Champions. In March 2026, it said it would invest additional capital through NPIF II to support innovation clusters, bringing total investment to more than £150m.

The October release does not explain how the North East’s £12m relates to either announcement or whether it is new money.