Published: May 05, 2022
Focus:
NPIF Maven Equity Finance
We are delighted to announce that we have reached an important milestone, having now invested £60 million in businesses across North West England via NPIF Maven Equity Finance, part of the Northern Powerhouse Investment Fund (NPIF), and reaffirming our position as one of the UK’s most active investors in high growth smaller companies.
Since being appointed by the British Business Bank in February 2017 to manage the equity fund, we have invested in 69 growth-focused businesses across the Northern Powerhouse region, including Greater Manchester, Liverpool, Lancashire, Cheshire & Warrington, and Cumbria.
Equity funding from NPIF Maven Equity Finance has enabled ambitious entrepreneurs, innovators and business leaders to grow their businesses further and faster by helping them to enter new markets, launch new products, expand their customer base, boost employee numbers and capitalise on market opportunities.
The significant investment in these 69 businesses has also created over 1,000 new jobs and played its part in supporting the local economy and strengthening employment opportunities across the region.
Success stories for the Fund include Mojo Mortgages, a Macclesfield based fintech business that was sold to RVU, owner of the well-known consumer comparison sites Confused.com, Money.co.uk and Uswitch.
Funding has also seen Lancashire based Relative Insight increase its annual recurring revenues by more than 180% since 2019, and recently raised a further £5 million through a Series B funding round. Orka Technology Group also benefited from the Fund. The Manchester-based start up has grown at pace and gone on to raise over £30 million in funding since it was launched in 2017.
“We are proud to have played a key role in supporting SMEs in the North West by delivering equity investment from the Northern Powerhouse Investment Fund and see so many businesses thrive and grow from the investments made to date. Supporting local growth through the backing of strong management teams is fundamental to what we do. Maven’s UK wide office network, which includes Manchester and Liverpool, ensures that we have a strong presence in the region, extensive local knowledge, and that our experienced executives are on hand to work effectively with management teams to overcome any challenges and maximise opportunities.”
Alex Rothwell, Senior Investment Manager, Maven
“The North West has long been a vibrant economy and base for ambitious entrepreneurs to build successful businesses. From Alan Turing inventing the world’s first computer, to the discovery of graphene at Manchester University in 2004, there is a history of innovation and entrepreneurialism in the region. Looking back at the businesses we have supported over the past five years it provides me with a lot of confidence that this ingenuity remains just as strong.
Looking ahead, we have an exciting couple of years ahead because of the government’s decision to extend NPIF until at least 2023. Whilst we have invested £60 million to date, we have up to £96 million of equity finance in total available to businesses across the North West and therefore we’ll be embarking on many more growth journeys with ambitious businesses to help them fulfil their true potential.”Ryan Bevington, Partner, Maven
“Maven has done a fantastic job supporting an array of high-growth businesses in the North. Over the past five years, NPIF – Maven Equity Finance has been providing organisations with the financial tools needed to kickstart their business. The work completed to date has been instrumental in bringing prosperity across the region, driving high levels of economic activity and creating new jobs in the region.”
Sean Hutchinson, British Business Bank
