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How we’re unlocking the vast potential of Northern female founders through NPIF II

Blog post 03 March 2026

With International Women’s Day on the 8th March this year, Sue Barnard, Senior Investment Manager at the British Business Bank, explores the progress being made by female entrepreneurs across the North and the opportunities that still lie ahead.

Starting and scaling a business is a bold decision at any time, demanding dedication, creativity and resilience. For female founders, these challenges are often magnified by historic underrepresentation in the venture capital and equity markets.

The Northern Powerhouse Investment Fund II (NPIF II) continues to play a pivotal role in supporting ambitious female-led businesses, helping them access the funding, expertise and networks they need to grow. By providing flexible funding, NPIF II ensures that location, gender or background are never barriers to opportunity, enabling female founders to translate their vision into tangible business success. 

Data from the British Business Bank’s most recent Small Business Equity Tracker highlights both the progress and persistent challenges for women in entrepreneurship. In 2024, companies with at least one female founder accounted for 28% of equity deals, yet all-female founder teams raised just 7.3% of deals and received only 1.9% of total investment. In contrast, all-male teams dominated the market, raising £8.33 billion across 1,390 deals compared with £190 million for all-female teams.

Despite these disparities, the picture is improving in certain areas. Mixed-gender teams have steadily increased their share of deals, reaching 20.2% in 2024. NPIF II-supported deals also demonstrate a strong commitment to inclusivity. Between 2022 and 2024, 30% of Bank-backed deals went to teams with at least one female founder, rising to 67% when including key management positions. These figures surpass the wider equity market and show how targeted support can make a real difference in promoting diverse leadership.

Female-founded businesses supported by NPIF II

Across the North, a growing number of female-led businesses are securing the investment they need to scale, innovate and create jobs in their communities. NPIF II has been at the heart of this support, providing funding to help ambitious women turn their business aspirations into reality. 

Back in February 2025, West Yorkshire-based confectionary business The Marshmallowist, founded by Oonagh Simms, secured a £70,000 loan from NPIF II – BEF Smaller Loans. The investment played a crucial role in expanding the company’s operations and enhancing its commitment to crafting innovative, gourmet marshmallows.

In March, Newcastle-based Tiba Tempeh, co-founded by Alex Longton, received a £1m investment from NPIF II – Maven Equity Finance. As a fast-growing plant-based food business, the investment is helping Tiba to invest in marketing, sales and further product development.

Moxie Financials accountancy firm in Preston, founded by Sian How, secured a £50,000 investment from River Capital & GC Business Finance Smaller Loans. The loan provided essential working capital for the business to expand its team, allowing Sian to focus more on business development and client acquisition.

Voices from female founders

At the British Business Bank, we know the importance of not only providing this funding to female entrepreneurs, but to also truly uplift them and give them a voice. That’s why we spoke to some of the amazing women we’ve supported to get their perspective. 

Speaking to Kayleigh Baccino, co-founder of Pasta Cosa, a family-run hospitality business specialising in fresh, made-to-order pasta, she reflects on the barriers women can still face when building a business:

Whilst times are changing and female faces in business are becoming more prominent, it is still very much male dominated. Some people are genuinely shocked when they find out it’s just two young women running our business. They assume it must be franchised or there must be someone else behind it.

Confidence is key though, and if you believe in your own ability and the strength of your business then doors open for you regardless. I would say seek out network groups that encourage and support women. Become familiar with funders who are supportive of new businesses and who have experience of dealing with female entrepreneurs.

Helen Butler, founder of female-led consultancy Simplified Operations, a company that helps owner-led companies build scalable, self-managing businesses, added to this reflection:

Access to the right networks is still a major barrier. Many opportunities, introductions and funding conversations happen in informal spaces where women are underrepresented.

When women have stronger access to networks and finance, it accelerates confidence, visibility and decision making. It allows businesses to invest earlier in people, systems and growth rather than having to prove themselves repeatedly first.

Driving change and looking forward

The data and stories across the North show that progress is being made, but there is still more work to do. As we look ahead, the role of networks, mentorship and targeted investment will be vital. Female founders in the North are demonstrating resilience and ambition at every stage, proving that when the right support meets vision, remarkable outcomes follow. 

It’s something we’re passionate about addressing at the British Business Bank, with NPIF II acting as a catalyst for capital invested in female-founded businesses. And with a vast funding ecosystem up North, it’s on all of us to push this forward, not least because of the huge amount of potential many of these businesses hold.

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