Northern Gritstone expands investment team with appointment of Khadija Ashfaq

Northern Gritstone, the investment business focused on university spin-outs and science and technology enabled businesses in the North of England, today announces that it has appointed Khadija Ashfaq as an Investment Manager.

Khadija joins Northern Gritstone’s investment team, led by Chief Investment Officer, Marion Bernard. She will be based in the company’s Leeds office, from where a growing number of investments are being completed. Most recently Northern Gritstone announced investments in Leeds-based companies AssetCool, Optalysys and LC Auxetec.

Khadija will be responsible for identifying and sourcing potential investment opportunities, negotiating investment deals and managing relationships with companies across the group’s portfolio.

She brings in-depth knowledge of the regional venture capital landscape, having spent five years working for Northstar Ventures. where she has managed investments in a range of sectors, including Life Sciences, Manufacturing and Healthcare.

Launched in July 2021 by the Universities of Leeds, Manchester and Sheffield and chaired by Lord Jim O’Neill, Northern Gritstone is dedicated to investing in university spinouts and start-ups in the North of England, delivering its philosophy of ‘profit with purpose.’

After the company announced its first close of £215m in May 2022, it has already invested in 11 early-stage science and technology-enabled businesses in the North of England.

Northern Gritstone CEO, Duncan Johnson, said: “Khadija’s experience of investing in early-stage regional businesses will allow her to make an immediate impact as we increase our investments in the North of England’s most innovative companies. Her interest in businesses dedicated to finding new solutions that deliver deeper impact is well-aligned with our ‘profit with purpose’ philosophy and, on behalf of everyone at Northern Gritstone, I’m delighted to welcome her to our team.”