TECHNOLOGY and knowledge-based businesses across the North-East are to benefit from a £5m investment fund to be launched by regional fund management firm NEL.

The money will replace the North-East Seed Capital Fund, which NEL has managed for the last five years.

About £3m has been committed by the European Regional Development Fund and Government Office North-East. Private fundraising for the remaining £2m is in progress and is expected to be completed by January.

Duncan Lowery, of NEL, said: "Whilst the high-growth nature of the technology sector means that many such firms will come forward to access this fund, we're not just looking for proposals from that area."

For details, call 0191 442 4300 or visit www.nel.co.uk