Praetura Investments has announced its first investment via the recently launched Praetura Growth VCT plc.
Leading bank integration software provider AccessPay has received a £350,000 investment from the VCT to help fund its global expansion plans.
Having successfully listed in April, the VCT’s objective is to back some of the most exciting scaleup businesses in the North of England, drive capital growth and target a regular annual dividend commencing in 2027.
Praetura Ventures joined a £19m round of strategic funding into AccessPay earlier this year intended, in part, to finance expansion into the United States.
“AccessPay is helping to automate the complex area of banking payments and we have really admired its success over recent years,” said Sam McArthur, partner at Manchester-based alternative asset manager Praetura Investments.
“The firm’s impressive growth and proven market fit align well with our investment strategy. We are delighted to be backing another innovative business in the North of England.”
Anish Kapoor, CEO of AccessPay, said: “We are thrilled to receive this investment from the Praetura Growth VCT. It’s a testament to the hard work of our team and the robust growth we’ve achieved.
“This funding will enable us to expand our international presence and further develop our product offerings to meet the needs of our clients worldwide.”
In addition to this landmark first VCT investment, Praetura Investments is working to add several more companies to the VCT’s portfolio in the coming weeks.
These forthcoming investments reaffirm Praetura’s commitment to fostering innovation and supporting the next generation of leading businesses, predominantly in the North of England.
Following 13 years of venture investing and successfully managing EIS funds, Praetura has launched the VCT alongside its other open offers, the Praetura EIS Growth Fund and Praetura Inheritance Tax Planning Service.
The VCT will be managed by the group’s venture capital arm, Praetura Ventures, and intends to co-invest alongside the established Praetura EIS Growth Fund.