Eight universities in the Midlands have launched a £250m investment vehicle to fund companies “spun out” from research.
Midlands Mindforge has been set up by Midlands Innovation, a group of institutions including Loughborough University, the University of Birmingham and the University of Warwick. The aim is to provide investment and support to early-stage technology businesses in the region and create an innovation hub for the region.
It plans to raise £250m from corporate partners, institutional investors and individuals.
Mindforge takes a cue from similar university investment vehicles, such as Northern Gritstone, which was created by the universities of Leeds, Manchester and Sheffield. It has so far raised £215m towards building what it hopes will become a northern innovation hub.
It is believed Midlands Mindforge will play a key role in the region’s investment zone, one of 12 confirmed by chancellor Jeremy Hunt in last month’s Budget.
