Doug Stellman has been appointed the new head of The North West Fund for Venture Capital in Lancashire.
Enterprise Ventures, which manages The North West Fund for Venture Capital, has promoted Doug Stellman to head the fund’s investments in the county.
Doug will replace Richard Young, who has recently left Enterprise Ventures to join the British Venture Capital Association.
Doug has over 20 years’ experience as a venture capitalist and specialises in technology businesses, including university and industrial spin-outs across a wide range of sectors.
Doug will act as joint head of the fund and will be responsible for managing investments in Lancashire, Cumbria, Greater Manchester and Cheshire.
He will work alongside Will Clark, who will manage investments in Merseyside.
The £30m North West Fund for Venture Capital was established in 2010 and runs until the end of 2015.
So far £24.02m has been invested and a further £9.5m raised in additional funding.
Jonathan Diggines, chief executive of Enterprise Ventures, which has a Preston base, said: “Doug and Will have extensive experience and an in-depth knowledge of the region.
“During the three years that they have spent working on this particular fund, they have completed 35 deals between them.
“They are ideally qualified to take over as joint fund managers.”
The North West Fund for Venture Capital is part of the £155m North West Fund, which provides funding for SMEs in the region and is financed jointly by the European Regional Development Fund and the European Investment Bank.