Maven celebrates a busy year investing a total of £10 million in 18 dynamic, high growth businesses in the North East region in 2021.
This significant level of investment has mainly been achieved through Maven’s management of regional funds in the North East, the £20 million Finance Durham Fund established by Durham County Council and the £27 million North East Development Capital Fund, supported by the European Regional Development Fund.
Local companies that received funding last year include innovative performance marketing services provider, Leaf, specialist food & beverage canning, sterilisation and pasteurisation business, CRL Foods, and intelligent software solutions for rail and construction, Project Control Tools.
Maven can support a variety of businesses across a range of sectors from technology to life sciences, and manufacturing and engineering to services and healthcare as well as a strong interest in backing businesses combatting climate change emissions. Developer of ultra-low-cost and lightweight flexible film for energy generation and storage, Power Roll, secured further funding from Maven last year to support its growing list of UK and international customers as well as invest in the development of its newly opened manufacturing plant in Durham.
In addition to the investments made on behalf of the regional funds, Maven has also successfully leveraged an additional £10 million in private sector finance for local businesses in 2021. As one of the UK’s most active and well-resourced midmarket private equity firms in the industry, Maven has through the management of its VCT funds and private equity co-investor network, supported innovative intranet software, Oak Engage, and disruptive platform for sale and installation of boilers, Boiler Plan. With one of the UK’s fastest growing economies, a highly skilled workforce and home to four national centres of excellence, the region is experiencing one of the highest growth rates in business startups in the UK. The North East is now considered a pioneer in the development of electric vehicle technology, a major centre for the renewable, offshore and subsea energy industries, and boasts a vibrant digital and tech sector.
Michael Vassallo, Investment Director at Maven said: “We see the North East as a hotbed of innovation, brimming with ambitious entrepreneurs, who are being supported by a thriving business community. We are delighted to celebrate such a great achievement in 2021, we’ve invested in some exciting local businesses and through Maven’s multiple funding streams have been able to back our portfolio at various stages of their growth journey.
“Despite the uncertain economic climate we’re experiencing, it’s been great to work with so many of the North East’s innovative companies to help raise their profiles, secure major new contracts and raise the finance required to implement their growth strategies.
