AXM Venture Capital, which is running the £15m fund, has so far invested nearly £3m. It can make equity investments of between £50,000 and £1.5m and must invest the money by the end of 2015. It is aiming to support about 44 businesses.
Investment director David Smith, pictured, said: "We're doing well, we've hit our targets. The investments are still fairly small sums of money in growth businesses because this is genuine risk investment."
Four of the 13 companies have received follow-on funding, with Azullo, a Lancaster-based web developer attracting three rounds of investment. Liverpool computer games publisher Ripstone has attracted secondary funding as have Daresbury-based Autology World and Manchester software developer Camiloo.
"We're ahead of our targets and the pipeline is looking good," said Mr Smith. "Enquiry levels are high and the portfolio's performing well."
Source: The Business Desk
