The funds from British Business Investments will be invested by Par Equity alongside the Par EIS Fund and the Par Investor Network to deliver over £75m of new funding for scale-up businesses primarily in the North of England, Scotland and Northern Ireland.

The £15m commitment from the Regional Angels Programme will help to drive further investment into promising scale-up businesses in these parts of the UK.

The Programme will also help with Par Equity’s follow-on investment activity, ensuring that the portfolio receives the capital it needs to reach critical milestones.

The Par Investor Network, with nearly 200 members, invests alongside the Par EIS Fund to create a distinct, operationally-focused investment model where professional investors and experienced business angels add value to businesses throughout the investment lifecycle.

The announcement comes as Par Equity completes a £1.6m investment into EC-OG, drawing on the pledged capital from the Regional Angels Programme for the first time.

EC-OG has launched Halo, a subsea power hub, providing efficient, autonomous energy management for subsea applications. The company leverages its proprietary technology with deep sector expertise to service customers at a fraction of the cost of incumbent subsea power solutions. The investment will support a scale-up phase for the business, creating up to 40 jobs in Aberdeen over the coming 12 months.

Paul Munn, managing partner of Par Equity, said: “Par Equity’s investment model, combining our EIS Fund with experienced business angel investors and co-investment capital, is a powerful recipe for providing patient capital. We already benefit from a flow of high quality investment opportunities and this commitment from the Regional Angels Programme will bring us increased financial firepower.

“It will help us enhance our growing reputation as the investment partner of choice for the best young companies in the regions and help them to attract the talent they need to realise their potential.

“At Par Equity we have long recognised and supported the opportunities offered by entrepreneurs and their companies based in the North. That philosophy is now in line with government thinking and this funding will enable us to leverage our network to find the best young companies to invest in, delivering value to them and the whole economy.”