Further £23.7m allocated for investment into North West SMEs
The British Business Bank has allocated an additional £23.7m to Maven Capital Partners from the Northern Powerhouse Investment Fund.
Maven was first awarded the Northern Powerhouse Investment mandate for equity investments in the North West of the UK in 2017 and since then has invested £33m into 49 small and medium SME’s, creating 382 roles within the North West region.
Investments to date include a £500,000 investment into Summize, which is based in Greater Manchester, £1m into Merseyside-based YR Free Labs, an investment of £1.6m into Lancaster-based Relative Insight, and £300,000 into Cheshire-based intilery.
The fund recently saw its first full exit from Cheshire-based ITS technology Group.
NPIF fund manager Ryan Bevington said: “We are delighted that the Northern Powerhouse Investment Fund has allocated significant further funding to the NPIF North West Equity Fund managed by Maven Capital Partners.
“From a standing start around three years ago Maven have invested in approaching 50 North West-based growth SMEs, and this type of early stage equity finance is critical to ensuring the successful companies and employers of tomorrow have the necessary funding, support and advice to fulfil their potential.
“We are proud of the team we have built and their hard work during a successful first three years and look forward to seeing the additional funding invested into more ambitious high growth companies across the Northern Powerhouse region.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
