Midlands Mindforge, the spinout investment firm launched by eight universities in the UK’s Midlands region, has secured an initial £30 million thanks to the backing of the East Midlands Combined County Authority and the West Midlands Combined Authority.
Rigby Group, which runs a diverse portfolio of companies spanning real estate, IT services, and technology investments, has also backed the fund, as have other, undisclosed private backers.
The eight universities – Aston, Birmingham, Cranfield, Keele, Leicester, Loughborough, Nottingham, and Warwick – are also shareholders in the fund.
Fundraising activities were facilitated through international investment missions arranged by the Department for Science, Innovation and Technology’s Invest in UK University R&D – Midlands Campaign.
Research England, meanwhile, provided strategic support to unlock pools of regional capital.
Midlands Mindforge was launched in 2023 to back spinouts from the Midlands’ universities. It has a £250 million target size.
The fund has now made its first investments – the startups were not identified but span edge antennae technology, an ocular drug delivery platform, and water sensor technology to protect rivers.
“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.”
Lisa Smith, chief executive officer of Midlands Mindforge
This initial capital commitment follows May 2025’s launch of Forging Ahead, a £16 million initiative to transform the Midlands into a globally recognised hub for innovation, commercialisation and venture creation.
