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MAYOR Steve Rotheram has hailed the:- ‘outstanding success' of the Liverpool City Region's innovation investment company, LYVA Labs, during a visit to celebrate its 3rd Anniversary.

Established in December 2021, the Liverpool City Region Combined Authority has invested £10.5m in LYVA Labs to help innovators across the Region turn great ideas into high growth businesses and good-quality jobs for local people.

The company is a key part of delivering Mayor Rotheram's ambition to invest 5% of Regional GVA on Research and Development (R&D) by 2030; nearly double the Government's national target.

Since it was established as an investment and innovation consultancy company, LYVA Labs has invested in:- 18 start ups; 9 in health and life sciences and 9 developing deep tech innovation – creating 47 local jobs so far, with another 15 people employed by LYVA Labs itself.

The team has also supported over 100 SMEs to develop and commercialise innovative technologies across key growth sectors, including advanced manufacturing.

Liverpool City Region Mayor Steve Rotheram said:- "LYVA Labs has been an outstanding success story for the Liverpool City Region. It's demonstrated exactly how targeted investment can drive innovation, create high-quality jobs, and foster the next generation of ground-breaking businesses. 3 years in, it's clear that LYVA Labs is not just supporting start ups, but transforming the Region's economy by nurturing talent, creating new opportunities, and attracting significant investment. This is just the beginning, and I'm incredibly proud of the work that Lorna Green and the LYVA Labs team are doing to put the Liverpool City Region at the forefront of innovation."

A total of £30m in funding has been leveraged through LYVA Labs' work, £28m of which has gone into the local economy. This includes grant funding of £16.5m secured for LCR SMEs, and £6.7m in private investment for early-stage companies.

Lorna Green, LYVA Labs' CEO, said:- "LYVA Labs was established to increase investment in innovation across Liverpool City Region, by providing expert consultancy and investment. We were frustrated by the lack of both public and private funding available in the Region, and the limited support for innovative founders to access the resources and mentorship they needed to succeed. We also have a wealth of research and innovation assets that we could exploit much more, through partnership and collaboration, to help drive economic growth. With the backing of the Mayor and Combined Authority, we have started to address these challenges and in our 1st three years have built a fantastic team that is making a real difference. The new Government has promised more devolved funding for Regions, and a stronger emphasis on place-based innovation, so we are excited to see what the next three years will bring for the future of innovation in Liverpool City Region."

Councillor Mike Wharton, Liverpool City Region Cabinet Member for Business, Investment and Trade, said:- "When we 1st established LYVA Labs it was a real statement of intent from the Combined Authority that signalled our commitment to providing the supportive environment that our innovators need to thrive. Three years on and we can now see how important that decision was, as LYVA Labs goes from strength to strength, helping translate innovation into successful start-ups and high quality jobs for local people."

LYVA Labs is committed to investing in diversity. Of the 18 start ups supported so far, ten have founders or CEOs from under-represented groups and account for 80% of LYVA Labs' investment to date. Only 2% of venture capital investment, nationally, goes to women-led businesses and less than 2% of investment goes to people from ethnic minority groups.

Established City Region businesses have also benefitted from support to access grant funding to explore new R&D opportunities and find expert partners. Ten companies have been awarded grants of up to £15,000, matched by their own contributions, to help commercialise new products and services. Due to LYVA Labs' early impact, the businesses were successful in securing two contracts with the Government's innovation agency, Innovate UK.