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Cheshire-based startup BidScript becomes region’s first business to win £200k from new Praetura Ventures and NPIF II startup programme

Press release 09 December 2024

A rising tech startup from Cheshire specialising in machine learning and artificial intelligence powered software to transform the bid management process for organisations has secured a £200k investment after taking part in PraeSeed, a six-week cohort-based investment programme for early-stage businesses.

Jessica Jackson, investment manager at Praetura Ventures with the team from BidScript

Based in Warrington, BidScript’s solution supercharges bid management functions, from pre-bidding through to post-bidding activities, increasing an organisation’s ability to bid more at a higher quality and for a fraction of the cost and time.

Following PraeSeed, BidScript will use the funding to secure a number of commercial agreements with businesses in its pipeline who are looking to tackle the resource intensive tendering process using BidScript’s technology.

In total seven businesses have secured investment from PraeSeed, an initiative founded by the Manchester-based VC Praetura Ventures and funded by NPIF II – Praetura Equity Finance, which is managed by Praetura as part of the Northern Powerhouse Investment Fund II.

Launched in May, PraeSeed’s mission is to identify startup and early-stage investment opportunities for NPIF II, while providing founders at the pre-seed stage with new opportunities for additional funding and support with investor readiness.

For its inaugural year, PraeSeed hosted 12 businesses from various sectors and regions, with each invited to take part in workshops and presentations on all aspects of scaling a business, including creating a go-to-market strategy, navigating financial modelling and tackling fundraising. As well as Praetura’s investment and portfolio teams, the sessions were hosted by later-stage founders and experts from the business landscape.

Henry Brogan, MD and co-founder of BidScript, said: 

PraeSeed brought Tyler and I a huge amount of benefit. Each week was packed with lessons and learnings that we were able to implement straight away for BidScript, highlighting Praetura’s reputation for more than money. This funding will allow us to take on new commercial initiatives, expand our client base, and deliver what the market truly wants. As many of us know, the bidding process can mean working late nights and weekends and can often use up unnecessary resource expenditure while sacrificing quality. BidScript is here to change that. We believe in getting behind a bid management function, supercharging dedicated, skilled professionals and providing the tools they need to tender smarter, not harder.

Jessica Jackson, investment manager at Praetura Ventures and PraeSeed lead, said: 

BidScript’s co-founders Henry and Tyler embody what PraeSeed is all about, thanks to their willingness to learn, ask questions and engage with the programme. Between them, they have built an impressive business that addresses a pain point faced by many companies who know how arduous the tendering process can be. We’re delighted to be backing BidScript, which really shone among the 200 applications received for PraeSeed, and we’re looking forward to seeing what the company’s next growth chapter entails.

Simon Cunnington, director at British Business Bank, said:

AI is creating plenty of opportunities to improve processes to allow companies to become more efficient, which is exactly the kind of innovation for which the Fund is looking to provide investment. It’s fantastic to see this kind of innovation occurring in the heart of Cheshire, and we’re excited to see how the newly accessed finance will enable the business to grow its client base.

The £660m Northern Powerhouse Investment Fund II (NPIFII), which has funded PraeSeed through NPIF II – Praetura Equity Finance, covers the entire North of England and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.

The purpose of the Northern Powerhouse Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North of England. The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for the North’s smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.

The next instalment of PraeSeed will launch again in March next year and businesses wishing to take part our encouraged to follow Praetura Ventures on LinkedIn or X for more details.

BidScript was advised by Darren Ormsby, partner at DWF Law LLP. A team from Irwin Mitchell LLP, led by partner Adam Kaucher, acted on behalf of Praetura Ventures and supported the legal framework for the programme.

Further Information

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Notes to editors

About PraeSeed

PraeSeed is an early-stage investment programme that focuses on deploying equity investment into early-stage businesses in the North to help fill a known funding gap in “preseed” or pre-revenue businesses. Launched in March 2024, with the first-ever cohort starting in June that year, PraeSeed initially welcomed 12 businesses for a series of workshops, mentoring sessions and support from Praetura Ventures’ investment team, external experts and existing founders, with the aim of improving investor readiness among the businesses involved. The programme is funded by NPIF II – Equity North West, which is managed by Praetura as part of the Northern Powerhouse Investment Fund II, and aims to invest over £6m into 35 start-up businesses over the next five years. Find out more here  - praeturaventures.com/praeseed.

About Praetura Ventures

Praetura Ventures is a Manchester-based venture capital firm which invests in early-stage, high-growth businesses across the UK, with a particular focus on supporting entrepreneurs across the North of England.          

Praetura Ventures is committed to adding value post-investment and providing the ‘more than money’ support that businesses need to grow, including additional expertise, resources, networks and guidance, to its investee companies.        

Since 2019, Praetura Ventures has backed 45 companies, including North West headquartered businesses Culture Shift, AccessPay and Peak. The business has now grown to over £260m AUM and recently won the Northern Powerhouse Investment Fund II mandate for the £100m fund dedicated to equity in the North West of England.   
     
Learn more at praeturaventures.com.   

About the Northern Powerhouse Investment Fund II

  • Operated by the British Business Bank, the Northern Powerhouse Investment Fund II (NPIF II) provides a mix of debt and equity funding.  NPIF II will offer a range of commercial finance options with smaller loans from £25k to £100k, debt finance from £100k to £2m and equity investment up to £5 million. It works alongside the Combined Authorities, Local Enterprise Partnerships (LEPs), and Growth Hubs, as well as local intermediaries such as accountants, fund managers and banks, to support the North’s smaller businesses at all stages of their development.
  • The funds in which the NPIF II invests are open to businesses with material operations, or planning to open material operations, in: Cheshire, Cumbria, Greater Manchester, Lancashire, Merseyside, City of Kingston upon Hull, East Riding of Yorkshire, North Yorkshire, South Yorkshire, West Yorkshire, Hartlepool and Stockton-on-Tees, South Teesside, Darlington, Durham, Northumberland, Tyneside, Sunderland.

Smaller Loans from £25,000 to £100,000 – GC Business Finance & River Capital (North West), Business Enterprise Fund (BEF) (Yorkshire and Humber) and NEL Fund Managers (North East)

Business Loans from £100,000 to £2m – FW Capital (North West), Mercia (Yorkshire and Humber) and NEL Fund Managers (North East)

Equity Finance up to £5m – Prateura Ventures (North West), Mercia (Yorkshire and Humber), and Maven Capital Partners (North East) 

Applications for funding are made directly to the relevant fund managers who can be contacted via the NPIF II webpages - northernpowerhouseinvestment fund.co.uk.

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