After months of intensive negotiations, further investment into the North East Fund or ‘JEREMIE’ as it is also known, has been agreed upon in principle by the European Investment Bank and is on track for rollout in the coming months. The extra £120 million fund will offer new and existing firms in the North East a range of equity investments and loans ranging between £1,000 to £1.25m to boost growth in the region. In the next five years, the fund is estimated to help up to 600 businesses and create around 2,500 jobs. Beyond this, the North East Legacy Fund will ensure further investment of up to £80m over the next decade. The fund is to be managed by Newcastle-based Northstar Ventures.
To date, the original “JEREMIE” fund has so far created over 3,000 new jobs and brought over £160m of further private sector investment to the North East. Indeed, Nebula Labs has already worked with clients who have benefitted from the existing fund such as Gym Plan (formerly known as Fit Gurus) and Redu Group.
We have successfully worked with these investor-