The JEREMIE Fund, or Joint European Resources for Micro to Medium Enterprises Initiative, is a co-ordinated effort between The European Investment Bank, which has contributed £62.5m, and the European Regional Development Fund 2007-2013 and One North East, which has contributed £62.5m.
The vehicle aims to support over 850 small businesses in the region over the next five years and create thousands of new jobs in the process.
The funds will be managed by various venture capital firms based in the region, such as North Star Equity, and new entrants including E-Synergy and Finance Wales.
In addition to being based in the north east, eligible companies will need to show that they can make a return on any money invested.
Funding will be split across six funds: an angel match fund; a technology proof of concept fund; a growth fund; a seed fund; a technology fund; and a “Growth Fund 500”.
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