Maven's North East operation surpasses £10 million milestone
Maven, since opening offices in Newcastle and Durham in May 2017, has invested a total of £10 million in dynamic, high growth businesses in the North East region, driving economic prosperity and safeguarding over 400 jobs.
This significant level of investment has mainly been achieved through Maven’s management of regional funds in the North East, the £20m Finance Durham Fund established by Durham County Council and the £27 million North East Development Capital Fund, supported by the European Regional Development Fund.
Maven has completed investments to support the growth strategies of 14 dynamic local businesses, including the largest independent engineering business in County Durham, Dyer Engineering, shipping container operator and leading self-storage provider, Parsons Containers and reverse-auction marketplace for insurance products, honcho.
In addition to the investments made on behalf of the regional funds, Maven has through the management of its VCT funds and private equity co-investor network, supported innovative intranet software, Oak, pioneering app designer, hedgehog lab and disruptive platform for sale and installation of boilers, Boiler Plan.
One of the UK’s fastest growing economies, the North East is home to a range of dynamic businesses with highly-skilled workforces and connectivity to global markets. Built on a proud history of innovation, the region has a diverse and thriving economy and is recognised for its strengths in a number of key industry sectors such as manufacturing, engineering, technology, science, healthcare and energy.
“We are delighted Maven has reached such a significant milestone and that we have been able to support so many jobs across the region. Since opening office in the region less than two years ago, Maven’s positive impact on businesses in the North of England is already evident, fuelling the growth of ambitious SMEs across a wide range of industries. Our local investment team works closely with the businesses we support and reaching this key milestone demonstrates the need for this type of finance. We look forward to working with more companies to help them achieve their growth plans.”
Michael Vassallo, Investment Director at Maven