FURTHER POC FUNDS
ANNOUNCED

NORTHSTAR EQUITY INVESTORS IS PLEASED TO ANNOUNCE THAT ONE NORTHEAST HAS APPROVED A FURTHER £2.4M OF FUNDING TO EXTEND THE PROOF OF CONCEPT FUND (POC) TO THE END OF 2009.

THIS NEW MONEY WILL ENABLE THE POC TEAM TO CONTINUE HELPING TECHNOLOGY ENTREPRENEURS AND THE REGION'S UNIVERSITIES CREATE HIGH GROWTH COMPANIES. TO DATE 140 INVESTMENTS HAVE BEEN MADE BY POC AND OVER £20M OF FURTHER INVESTMENT HAS BEEN RAISED BY THE POC PORTFOLIO, INCLUDING THE FIRST POC IPO IN 2007.

THIS ADDITIONAL £2.4M FUNDING FROM ONE NORTHEAST WILL ENSURE THAT EVEN MORE NORTH EAST BUSINESSES WILL HAVE THE OPPORTUNITY TO BENEFIT FROM POC INVESTMENT.

NorthStar Equity Investors is wholly owned by NStar but operates as an independent subsidiary and is regulated by the Financial Services Authority. The Proof of Concept Fund was set up with money from regional development agency One NorthEast and the European Regional Development Fund. The sole investor in the Co-Investment Fund is the ERDF.