Midlands Mindforge enters active investment phase as first spinout investments deployed

Midlands Mindforge, the investment company dedicated to supporting university spinouts and other science and technology businesses in the Midlands, has completed its first round of investments, marking a major milestone in its mission to scale high potential, research led businesses emerging from the Midlands.

Mindforge, which was established by eight universities including the University of Leicester, has entered its active investment stage thanks to the support of the Mayors of the East and West Midlands, UK Research and Innovation (UKRI), the Rigby Group and the Department for Science, Innovation and Technology (DSIT) via the Invest in UK University R&D – Midlands Campaign. 

This will help unlock an initial £30m of capital into the region as Mindforge makes its first round of investments into outstanding Midlands spinout companies producing cutting edge antennae technology, a novel drug delivery platform for the eye, and water sensor technology to protect our river systems. 

The news was announced by Lord Patrick Vallance, Minister for Science, Innovation and Research, at the Midlands Innovation & Investment Reception, held as part of the UK Global R&D and Science Investment Summit, where the Midlands is showcasing its world leading research strengths and investment ready opportunities on a global stage. Lord Vallance was joined by Claire Ward, Mayor of the East Midlands, Ed Cox, CEO of the West Midlands Combined Authority and Professor Dame Jessica Corner, Executive Chair of Research England (part of UK Research and Innovation), underscoring the strength of collaboration between government, investors, civic leadership and universities in driving regional growth.

This milestone builds on Midlands Mindforge’s successful initial funding round, which brought together investment from Rigby Group and other private participants, alongside its university shareholders (via UKRI Research England), Midlands Innovation partner universities, and the East Midlands Combined County Authority (EMCCA) and West Midlands Combined Authority (WMCA). UKRI’s Research England has been instrumental in providing strategic support that has unlocked pools of regional capital for Mindforge. And with their support of Midlands Innovation and Forging Ahead, they have enabled universities across the region to pool their research strengths building a credible, investment-ready innovation platform, boosting the pipeline of investment-ready spinouts that Mindforge can fund.

The fundraising has also been supported by the Department for Science, Innovation and Technology (DSIT) through the Invest in UK University R&D – Midlands Campaign, which has positioned the Midlands as a globally competitive destination for science and innovation through a series of international investment missions. 

This progression reflects growing confidence in the Midlands’ ability to translate its research strengths into a credible, investment ready pipeline of high quality opportunities. Midlands Mindforge was established to address the historic underinvestment in the region’s university spinouts, helping to unlock its full innovation potential by creating a more cohesive and accessible investment landscape.

By working in close partnership with universities, Combined Authorities and regional stakeholders, Midlands Mindforge is also playing a key role in curating a more connected innovation ecosystem — strengthening the relationships, infrastructure and support needed to bring forward scalable, investor ready businesses. With capital now being actively deployed, the fund is supporting the translation of world class research into commercially robust opportunities across priority sectors including Advanced Manufacturing, Life Sciences, and Digital & Technologies.

Drawing on its unique access to the Midlands university ecosystem, Midlands Mindforge has identified a pipeline of world-leading science and technology businesses with strong commercial and scale potential. Over the coming weeks, Midlands Mindforge and its regional partners will unveil further details of these initial investments in a first cohort of carefully selected companies.

Professor Richard Thomas, Pro Vice-Chancellor for Research and Enterprise at the University of Leicester, said: “I'm delighted to see Midlands Mindforge begin making investments in spinouts across the region. This is a significant milestone not just for the companies involved, but for the wider Midlands innovation ecosystem. It reflects a shared commitment from our universities to work collectively, back our research strengths, and create the conditions for many more high-potential businesses to emerge and grow.”

Science Minister Lord Vallance said: "The UK is a world leader when it comes to research. But to unlock growth we all benefit from, we have to support our innovators to turn great ideas into thriving businesses, right across the country.

Midlands Mindforge is a prime example of exactly how we can achieve that - with universities, private backers, plus local and national government moving in lockstep to support spinouts that are developing better drugs, new ways to keep our waterways clean, and more."

Professor Dame Jessica Corner, Executive Chair of Research England, said: “Backing high-potential, research-led innovation is central to UKRI’s mission to drive long-term economic growth across the UK. Midlands Mindforge demonstrates the power of targeted, place-based investment to strengthen regional innovation ecosystems and support the journey from discovery to commercial success.”

Dr Lisa Smith, Chief Executive of Midlands Mindforge, said: “This is a significant moment for Midlands Mindforge as we move to actively investing in the region’s innovation future while continuing to complete our initial raise. The Midlands has an exceptional depth of research talent and entrepreneurial ambition, and our role is to help unlock that potential by providing the capital and support needed for ideas to grow into globally competitive businesses.”

Claire Ward, Mayor of the East Midlands, said: “This investment is a vote of confidence in the Midlands and the talent, innovation and ambition that define our region. Through Midlands Mindforge, we are backing the ideas and businesses that can create good jobs, attract investment and drive growth for years to come.

I want the Midlands to be a place where great ideas become successful businesses, where innovation creates opportunity, and where local people see the benefits of growth in their communities. This is an important step towards that future.”

Professor Sir Nishan Canagarajah, President and Vice-Chancellor of the University of Leicester and Chair of Midlands Innovation, said: “The Midlands has the talent, the ideas and the research strength to lead on the global stage. This milestone demonstrates what can be achieved when universities, investors and regional leaders work together with a shared purpose.”