This follows the successful completion of an initial funding round where Mindforge raised money from Rigby Group among other private participants, its university shareholders (via UKRI Research England), East Midlands Combined County Authority (EMCCA), and West Midlands Combined Authority (WMCA). The new capital raised sits alongside the investment provided by Mindforge’s partner universities with operational support from the Midlands Innovation FDI campaign.
Mindforge has unique access to the Midlands university ecosystem, has identified world-leading science and technology companies and will now proceed at pace in making its first investments.
Support for Mindforge from the WMCA and EMCCA was made in line with the aims and objectives set out in a compact signed by both Combined Authorities in March 2025 to collaborate to enhance productivity and strengthen & expand sustainable industrial clusters in the region.
Lisa Smith, CEO of Midlands Mindforge, said: “We are delighted to be able to deploy capital into the world-leading science and technology companies in the Midlands.
“We know that the Midlands Region has some of the best research and development capabilities in the world, and Mindforge’s pipeline of companies reflects this. We look forward to working with partners to support science and technology businesses in both the West & East Midlands.”
Steve Rigby, Co-CEO of Rigby Group, said: “Rigby Group are delighted to support this public-private raise of capital. We have worked extensively with the combined authorities, Mindforge’s partner universities, UKRI Research England, and Midlands Mindforge to ensure this early funding round provides an excellent platform to develop exciting and dynamic companies of the future here in the Midlands. We are confident that this starting commitment will be the springboard to deliver a significant university spin out programme in the Midlands and we look forward to continuing to support the Midlands Mindforge team.”
Clare Ward, Mayor of the East Midlands Combined County Authority, said: “This is about more than funding, it’s about creating the conditions for high-quality jobs, keeping talent in our region, and ensuring the Midlands leads the way in areas like life sciences, clean tech and advanced manufacturing.
“The Midlands has some of the best universities, brightest researchers, and most ambitious businesses in the country, but for too long, they’ve been held back by a lack of investment.
“Our decision to back Midlands Mindforge is a bold step towards levelling the playing field. By pooling resources and attracting private investment, this initiative will give our innovators the support they need to turn world-class ideas into world-class businesses.
“I am determined that our brightest companies don’t just start here, but grow here, delivering lasting benefits for people and communities across the Midlands”
Richard Parker, Mayor of the West Midlands Combined Authority, said: “There’s a real surge of entrepreneurial energy flowing through our world-leading universities and innovative businesses right now. Our Innovation Accelerator is the perfect example of how public investment is giving the private sector the confidence it needs to help us turn bright ideas into cutting-edge businesses within the high-growth sectors at the heart of my Growth Plan.
“And we’re building on that success with Midlands Mindforge by priming even more companies to drive further growth and create even more high-quality jobs for local people.”
Adam Tickell, Vice-Chancellor and Principal of the University of Birmingham said: “Midlands Mindforge was created by eight universities working together to improve the fortunes of the Midlands, and so this initial funding round is great news for the whole region. Science and technology companies can create enormous impact: socially, environmentally, and economically through the creation of jobs and opportunities. ‘Patient capital’ investors, like Mindforge, are essential not only to ensure that our regional companies are more effectively backed to accelerate their growth and impact, but to inspire and attract further innovations, talent, and investment – all of which can ensure prosperity in the Midlands.
Notes to editors
About Midlands Mindforge: Midlands Mindforge is an investment company established by 8 universities to invest in world-leading science and technology companies from across the Midlands. Mindforge supports entrepreneurs build and manage high-growth businesses. Supporting these high growth companies in the Midlands creates an economic flywheel with local impact. Mindforge’s rich & unique deal pipeline underpins its mission to deliver financial returns for its shareholders. Mindforge founding-partner universities are – Aston, Birmingham, Cranfield, Keele, Leicester, Loughborough, Nottingham, and Warwick.
Find out more at: www.midlandsmindforge.com
Media:
Boscobel and Partners
Nicholas Gardner, George Trefgarne
midlandsmindforge@boscobelandpartners.com