Maven continues to drive economic prosperity creating over 80 jobs last year.
Maven Capital Partners, one of the UKs most active SME finance providers, has invested £8.5 million in nine dynamic growth businesses across the North East in 2019, driving economic prosperity, and creating over 80 jobs. Since opening offices in Newcastle and Durham in 2017, Maven has invested over £17 million in businesses across the region, providing funding packages tailored to the growth needs of local companies.
Appointed to manage the £20 million Finance Durham Fund in April 2017 and the £27 million NEDCF in May 2018, Maven can provide investment capital to support the growth of innovative and ambitious businesses across a wide range of sectors and in a variety of funding scenarios. We have participated in investments ranging from £150,000 to £7 million in local businesses across the North East and also successfully leveraged an additional £7 million in private sector finance last year. Since launching our North East operation, were increasing flexibility in the type of funding available to local, smaller businesses and producing greater levels of investment to those businesses.
Notable transactions in 2019 include a £7 million deal in electric vehicle specialist AVID Technology to enable the business to increase production volumes of its current product range, a £1.2 million investment into innovative employee engagement Software-as-a-Service (SaaS) platform, Hive HR, to invest in its sales and marketing activities and create a number of new roles, and a £750,000 equity investment into innovative ecommerce platform, Aero Commerce, to invest in its sales and marketing activities and open an office in Newcastle.
Many viable, dynamic SMEs with innovative products and services, strong business plans and highly capable management teams are struggling to access the funding that will allow them to develop their businesses and market offering. Our funds are addressing that situation with a particular focus on supporting the growth aspirations of high-potential SMEs that contribute to regional economic development, job creation and innovation.
Maven has significant experience of managing regional growth funds across the UK, including on behalf of the Northern Powerhouse and the Midlands Engine, and since 2009 has invested over £340 million in more than 180 UK SMEs to support their growth strategies.
Michael Vassallo, Investment Director at Maven, said, Mavens North East operation has had a fantastic year investing in some outstanding businesses across the region. Since opening offices in the North East weve invested over £17 million and we are delighted our range of regional and client funds have made such a significant impact on the regions economy, and that we have been a key player in supporting the creation of jobs across the North East.
Reaching this key milestone in 2019 demonstrates the appetite and need for this type of growth finance and we look forward to working with more innovative, fast growing small businesses to help them achieve their growth plans in 2020.
If your business is in need of finance to help unlock its growth potential, Maven may be able to help. Contact our team today or visit mavencp.com to find out more.