Mercia Ventures, which manages the North East Accelerate Fund, is urging women entrepreneurs in the North East who want to grow a business or commercialise an idea to apply for investment.
The fund manager says it has backed seven businesses that were founded by women or have women in senior roles since the fund started investing in February, and wants to back more. Successful applicants can receive up to £1m in venture capital, as well as coaching and other support.
The Accelerate Fund was set up by The North East Fund with the support of North East Mayor Kim McGuinness and the North East Mayoral Strategic Authority. It is one of three funds deploying The North East Fund’s latest programme, launched in November 2025, which will provide up to £100m for North East SMEs in the period to 2030 and beyond. The other two are the North East Spinout Inspire Fund, managed by Northstar Ventures, and the North East Elevate Fund, managed by FW Capital. The Mayoral Strategic Authority has committed up to £70m to the programme.
Who has been backed
Businesses backed so far include Cassandra Ukaobi’s wellness brand Tolicious, which sells supplements and beauty products; Henrietta Newble’s AnFiTest, which is developing diagnostic technology for equine and livestock health; and Sri Hollema’s Mat Zero, which makes heated mats for disaster-hit communities or outdoor use. Dr Kara Danks’ precision wellness platform Alloniq, which helps people understand their health patterns, and Laura Weaving’s Duo Global Consulting, whose platform helps leaders improve performance and productivity, are also on the list.
Ian Wilson, fund principal at Mercia Ventures’ Newcastle office, said: “The fund has got off to a flying start and we’ve been encouraged by the strong interest from women so far, which indicates growing confidence amongst female entrepreneurs in the region.”
Both Mercia and The North East Fund have signed the Investing in Women code, which aims to improve access to finance for female entrepreneurs. The release cites the Rose Review, first published in 2017, which found that the UK could achieve £250 billion in growth if women entrepreneurs were funded to the same level as men.
Jason Hobbs, chief executive of The North East Fund, said: “Unlocking the economic potential of women represents a huge opportunity to boost the region’s growth and prosperity.”
Since 2003, The North East Fund’s funds have invested £420 million in 2,288 North East companies, it says.
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