Maven secures a further £23.7m from the Northern Powerhouse
We are pleased to announce that we have secured a further £23.7 million from the Northern Powerhouse Investment Fund to continue backing ambitious businesses across the North West.
The Northern Powerhouse Investment Fund, supported by the European Regional Development Fund, in collaboration with the British Business Bank and ten Local Enterprise Partnerships (LEPs), was created to provide business support to small businesses in the region. Maven was first awarded the £57.5 million NPIF mandate for equity investments in the region in 2017 and since then our Manchester-based team has invested £33 million into 49 businesses.
Over the past three years Maven has supported a range of start-up and established companies across the North West, helping to create jobs and enabling businesses to expand their operations. Investments to date include a £500,000 investment into the Greater Manchester-based software developer Summize, £1 million into Merseyside’s YR Free Labs, an investment of £1.6m into Lancaster based Relative insight and £300,000 into intilery who are based out of Cheshire.
The additional funding will allow Maven to invest in more ambitious and innovative smaller companies as well as providing an additional source of finance for businesses who have been hit hard by recent economic events such as Brexit and COVID-19.
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 3 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 3 years, and look forward to seeing the additional funding invested into more ambitious high growth companies across the Northern Powerhouse Region.
Ryan Bevington, Investment Director at Maven