EV on track for record investment year

VENTURE capital firm Enterprise Ventures (EV) says it has enjoyed an active third quarter and strong year to date, despite the gloomy economic outlook.
 
Figures released by the company show it invested £5.4m in 41 transactions in the three months to the end of September.

The total value of deals so far this year is £17.3m, putting it on course to trump last year’s record investment figure of £19.7m.
 
EV, which is based in Manchester and has offices in Liverpool, Preston, Birmingham, Leeds and Sheffield, provides finance for SMEs across the UK.

It manages funds totalling £130m including the Coalfields Funds, The North West Fund for Venture Capital, Lancashire Rosebud Fund, Finance Yorkshire Small Loans and Finance Yorkshire Seedcorn Fund.
 
Chief executive Jonathan Diggines said: “Uncertainty in the economy appears to have dampened demand for investment funding overall. At the same time those entrepreneurs who are planning new ventures are more active in seeking out alternative sources of finance as they fear rejection by the banks. We have continued to achieve a steady flow of enquiries and investments.
 
“EV is now one of the largest and most active providers of finance to businesses in the sub-£10m turnover category. It is these smaller firms that struggle most to find funding currently, as even where investment funds are targeted at SMEs, conventional funders consider it safer to invest in those at the higher end of the turnover range. EV is playing a valuable role in plugging the funding gap for the UK’s smaller companies.”