Manchester-based investor Praetura Ventures has announced AccessPay as the first investment made via its venture capital trust (VCT).
The northern-focused VC firm launched the Praetura Growth VCT in 2023, targeting an initial raise of £10m to invest in regionally diverse UK startups.
VCTs are investment vehicles listed on the London Stock Exchange wherein individuals pool cash into a fund to back early-stage businesses.
Investors in VCTs receive tax benefits including income tax relief, tax-free dividends and capital gains exemption on returns.
The first deal from the Praetura Growth VCT is a £350,000 investment into Manchester-based fintech AccessPay.
Founded in 2012, AccessPay integrates digital banking tools into the systems of corporate clients.
“AccessPay is helping to automate the complex area of banking payments and we have really admired its success over recent years,” said Sam McArthur, a partner at Praetura Ventures.
“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, added: “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.”
AccessPay raised £18.8m in a funding round in March.
Praetura Ventures said it will add several more companies based in the north of England to the VCT’s portfolio in the coming weeks.
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