Manchester-based social media marketing agency Engage Hub has received £100,000 from the Northern Powerhouse Investment Fund (NPIF), which has now reached a £10m funding milestone.
Founded by brothers Ray and Jonathan Sherlock, Engage Hub boasts a growing customer base which already includes the likes of Living Ventures, the Chop Houses and Q-Hotels.
The investment will be used to expand the firm’s current team and provide additional working capital.
“With this investment, we will fast track our growth and productivity to propel Engage Hub forward to a world stage as one of the best social influence agencies around,” Ray Sherlock said.
“This is our time. With the funds we will be creating new jobs, moving to bigger offices as well as delivering a disruptive marketing campaign for the leisure, lifestyle and hospitality sectors.”
The £100,000 funding comes as the NPIF initiative, which was launched at the end of February 2017, reaches its £10m milestone.
Jake Berry, Northern Powerhouse Minister, said: “It’s fantastic to see that so soon after we launched the Northern Powerhouse Investment Fund it’s already provided £10 million to support Northern businesses.
“The fund is a great example of what can be achieved when the Government and businesses work together and is all part of our plan to boost the northern economy, creating more jobs and attracting investment in the region.”
Greater Manchester Mayor Andy Burnham added: “The Northern Powerhouse Investment Fund is supporting local entrepreneurs and business owners to grow their companies here in Greater Manchester and across the North.
“As we look to rebalance our country’s economy, this fund’s approach can show the benefits that investment in the North has locally and across the UK. The showcase of innovative businesses at Venturefest Manchester last week, shows the breadth of potential in the region.”
Keith Morgan, CEO of British Business Bank, said: “The North of England has long been a key region for innovation and economic growth in the UK. The Northern Powerhouse Investment Fund is now providing the financial backing to tap the growth potential of businesses across the North, helping both the regional and the national economy.
“Passing this £10m funding milestone in such a short space of time since launch is a fantastic achievement for the fund, our fund managers, and our partners in the 10 participating Local Enterprise Partnerships.”