£80m funding milestone achieved by debt financer
MEIF Maven Debt Finance has reached an £80m funding milestone across the West and East Midlands, helping to back 151 businesses across the region and creating 713 jobs.
The debt funds, which are part of the Midlands Engine Investment Fund (MEIF), have been managed by Maven since the wider fund launch in 2018.
Some success stories of the fund include Eskuta, who Maven originally supported in November 2019. Nuneaton-based Eskuta is the official e-bike supplier to established brands such as Dominos and Pizza Hut and has continued to grow and increase sales since MEIF’s backing nearly 3 years ago.
More recently, Maven through MEIF supported Maeving, a manufacturer of fully electric motorcycles with a removable battery from Coventry.
Another recent business funded was BatFast, a Nottingham sports technology business that brings competitive sports to people in an engaging, social, and technological way. The business has continued to grow in popularity and is a 2022 Sports Technology Awards winner in recognition of its pioneering and cutting-edge tech solutions.
Richard Blount, investment director at Maven in the West Midlands, said: “The continued success of the funds is evident both from the continued demand for funding from SMEs based across the West Midlands and East and South East Midlands and the growing number of success stories across the Fund’s portfolio.
“Furthermore, given the increasing economic challenges being faced by businesses, the continued deployment of finance by the funds to support SMEs across the Midlands, is increasingly important to ensure economic growth, and to protect and increase employment across the Region.”
Jonathan Lowe, Investment Director at Maven in the East and South East Midlands, said: “Businesses have faced and continue to face major challenges in recent times, and we’re pleased to have played a part in their resilience and growth. With further MEIF funds available to deploy, we remain keen to support SMEs with their finance needs.’’
The Midlands Engine Investment Fund 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.