Dial M for Merger

What we know so far about the Par Equity and Praetura Ventures merger

Hello Rainmakers,

This is a special bonus edition, focusing on the coming together of two regional venture businesses today in a combination of two unlikely bedfellows.

Relatively new player Praetura, led by enigmatic CEO Dave Foreman, encapsulates the exciting and edgy world of venture investing. As was commented when they won the mandate to manage the second Northern Powerhouse Investment Fund it was a case of the hoodies beating the hard heads, in that case, Glasgow founded Maven.

In Edinburgh-based Par Equity they are now paired up with what one industry veteran described as “proper VC chops” with solid operational expertise.

Paul Munn and Dave Foreman

Another went so far as to describe them as “chalk and cheese” and assumed that Par will do the investing, while Praetura will continue with its marketing and business development activity. That may be a harsh assessment, but as a relatively new business Praetura have fewer exits to brandish their credentials in a world where money talks.

The new business will be known as PXN Group, and have offices in Leeds, Manchester and Edinburgh, covering the North of England, Scotland and Northern Ireland.

It brings together Praetura Ventures, which was only founded in 2019, and is well known for its “more than money” approach. It has backed high-growth businesses such as Manchester-headquartered Modern Milkman, Street Group and AccessPay. It manages the £100m NPIF II North West Equity Fund for the British Business Bank and the GMC Life Sciences Fund for GMCA, Enterprise Cheshire & Warrington and Bruntwood SciTech.

Par Equity, launched in Edinburgh in 2008 and which opened its Leeds office in 2023, is known for an extensive angel network with discretionary managed funds to support breakthrough tech companies.

More below…