The North East Fund is a suite of five venture capital and loan funds established to invest in small and medium-sized enterprises.
The seed follow-on round was led by the Government Future Fund with matching contributions from Saker Capital and North East Innovation Fund.
"Magnitude has demonstrated high agility and resilience during the pandemic and has proven to be a fast growing business in trying times. Our investment will consolidate its position as a rising contract research services provider to the UK’s biotech sector."
DSW Angels led the Series A round to support platform development and business expansion.
"The last few years have been incredibly exciting for us. This new investment will enable us to further build a stable and scalable platform for growth. Our customer-first approach means that people trust us and come back year after year. We now serve thousands of students, young professionals, families and others with our all in one service. Dale and I are excited about the next stage of growth which will include expanding the team based in Newcastle."
