GM&C Life Sciences Fund

What GM&C Life Sciences Fund does

GM&C Life Sciences Fund is a closed-end UK venture capital fund vehicle established in 2015 with £31m of committed capital, managed by Catapult Venture Managers Ltd (the FCA-authorised fund management arm of Catapult Ventures). The fund provides seed, early-stage and growth equity to life sciences businesses headquartered in the Greater Manchester and Cheshire & Warrington region, targeting sub-sectors including anti-infectives, implantable medical devices and diagnostics. Limited partners are a consortium of regional public-sector and institutional investors — Enterprise Cheshire and Warrington, Greater Manchester Combined Authority, Cheshire East Council, Manchester Science Partnerships, and the directors of Catapult Ventures — providing both capital and deal-sourcing leverage through the regional ecosystem.

The fund invests directly into portfolio companies via private equity rounds, sourcing opportunities through regional networks, partner referrals and direct outreach, and supports investees with follow-on funding and ecosystem connections. By mid-2021, the fund had deployed capital into 42 companies and reached the end of its new investment period; it now operates in a portfolio-management and follow-on phase through at least 2030. Notable disclosed portfolio activity includes a £4.3m participation in Infex Therapeutics (anti-infectives targeting drug-resistant infections) and a £4.5m participation via PXN Ventures in QV Bioelectronics (GRACE implantable device for glioblastoma). The legal entity behind the fund structure is Catapult Ultimate Holdings Ltd, with operational headquarters managed from Enderby.

The fund's economics are those of a typical UK regional VC vehicle: management fees on committed capital and potential carried interest on exits, with no product pricing or direct customer revenue model. The regional life sciences mandate has effectively been succeeded by a new fund launched in mid-2022 by Praetura Ventures for the same Greater Manchester and Cheshire geography, while GM&C continues to manage its existing portfolio to 2030.

Name

GM&C Life Sciences Fund

Legal name

Catapult Ultimate Holdings Ltd

Website

https://gmclifesciencesfund.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

1–10 employees

Short description

GM&C Life Sciences Fund is a £31m UK regional venture capital fund, managed by Catapult Ventures, that provides seed and early-stage equity to life sciences businesses in Greater Manchester and Cheshire & Warrington, having invested in 42 portfolio companies since 2015.

Ownership category

akta.pro rank

Product category

Venture Capital Fund (Life Sciences)

NAICS

Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

Healthcare & Life Sciences Growth Equity (FSANACAB)

akta.pro secondary industry

Early-Stage Venture Capital (Series A/B) (FSANAAAB)

Keywords

• Venture capital fund
• Life sciences investing
• Seed stage funding
• Early stage equity
• Biotech venture capital

Headquarters

HQ city

Alderley Edge

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others

Revenue model

1. Investment Returns and Management Fees: The fund generates returns through equity investments in life sciences startups and early-stage companies, with the goal of achieving capital appreciation through exits. The fund also collects management fees from its limited partners (investors).

Distribution channels1 record

Marketing channels2 records

Core offering

GM&C Life Sciences Fund is a £31 million seed and early-stage venture capital fund that makes equity investments in life sciences businesses located in the Greater Manchester and Cheshire & Warrington region. Managed by Catapult Ventures with capital from regional public-sector investors, the fund has made 42 investments across seed, early-stage, and growth stages and continues to provide follow-on funding to its portfolio until at least 2030.

Product overview

The GM&C Life Sciences Fund is a single, unified £31m seed and early-stage venture capital fund managed by Catapult Ventures. It targets life sciences businesses in the Greater Manchester and Cheshire & Warrington region, making seed, early-stage, and growth investments into 42 companies, with follow-on support continuing until at least 2030. The fund's portfolio includes investments in companies such as Infex Therapeutics (anti-infectives), QV Bioelectronics (GRACE implantable device for glioblastoma), and CanCertain (diagnostics testing).

Differentiator

Problem solved

Functional benefit

Products and services

• GM&C Life Sciences Fund A £31 million seed, early-stage and growth venture capital fund for life sciences businesses in the Greater Manchester and Cheshire & Warrington region, managed by Catapult Ventures, with 42 portfolio investments made by mid-2021 and follow-on funding continuing until at least 2030.

Quantifiable outcome

• 42 portfolio companies invested across seed, early-stage and growth stages

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Praetura VenturesminorStrategic or Co-development Partner · 1 January 2022Subsequent regional life sciences fund manager for the GMC region, with a new fund launched in mid-2022 following the end of GM&C Life Sciences Fund's new investment period

Scale indicators3 records

Recent moves8 records

Expansion highlights3 records

Direct peers

• Praetura Ventures: Manchester-based regional VC that took over the Greater Manchester life sciences fund mandate in mid-2022 after GM&C's investment period ended. Operates the successor regional life sciences fund for the same geographic footprint with overlapping mandate.
• Catapult Ventures: The fund manager of GM&C Life Sciences Fund; runs multiple regional VC funds (£20m–£31m AUM each) in UK regions including East Midlands and West Midlands. Closest operational peer given the same GP managing similar early-stage regional vehicles.
• Epidarex Capital: UK-based early-stage life sciences VC focused on spinouts from research institutions. Comparable to GM&C as a specialist life sciences investor targeting seed/early-stage UK biotech opportunities, often with regional/ecosystem ties.
• Cambridge Innovation Capital: Regional life sciences and deep tech VC based in Cambridge, providing patient capital to early-stage companies with university/IP origins. Closely mirrors GM&C's model of regional focus, institutional LP backing, and long-dated follow-on support.
• Parkwalk Advisors: UK venture firm focused on university spinouts and deep tech/life sciences companies originating from UK research institutions. Comparable early-stage UK life sciences mandate with EIS fund structures and institutional backing.

Broad incumbents

• Syncona: UK-listed life sciences investment company that founds and builds biotech companies. Much larger scale but operates a comparable specialist life sciences mandate with long-hold developer model analogous to GM&C's patient-capital approach.
• Arix Bioscience: Global life sciences investment firm (LSE-listed) focused on development and growth of breakthrough biotechnology companies. Comparable specialist mandate in life sciences venture investing, though operating at a far larger scale than GM&C's regional focus.
• Oxford Science Enterprises: Science commercialisation investor built on the University of Oxford IP base, with deep exposure to life sciences spinouts. Comparable regional-anchor, university-adjacent life sciences investment thesis — though at significantly larger scale.

Regional players

• Midven (ex-Mercia Fund Management): UK regional early-stage investment manager operating multiple regional funds with a life sciences and technology focus. Directly comparable in structure as a regional multi-fund manager — though primarily focused on West Midlands rather than North West.
• YFM Equity Partners: UK regional VC managing multiple regional funds under the British Business Bank framework, with a portion of activity in life sciences/healthtech. Comparable model as a regional multi-fund manager deploying similar ticket sizes across UK regions.

Market position

Strengths3 records

Weaknesses3 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/gmclifesciences
• LinkedInlinkedin.com/company/catapult-venture-managers-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

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M&A

Investments34 records

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Frequently asked questions about GM&C Life Sciences Fund