Published: Jun 08, 2023
Focus:
Finance Durham Fund
Since being appointed Fund Manager in 2017, Maven has invested over £12.5 million and raised an additional £65 million in private sector leverage. These investments have had a significant impact on the local economy, driving innovation across the region and safeguarding over 1,100 jobs and supporting 28 local businesses to date.
County Durham has a strong reputation for manufacturing and engineering, with the area home to many leading businesses. Among those supported by Finance Durham is Roman Showers, the UK’s largest shower manufacturing plant, which secured £1.5m funding to purchase new machinery and materials to meet its growing customer demand. The biggest independent engineering business in County Durham, Dyer Engineering, also secured investment to expand its market reach and create new jobs in the region.
The Fund has also supported a number of relocation opportunities for businesses that have opened operations in County Durham including Power Roll, a developer of ultra-low-cost and lightweight flexible film for energy generation and sustainable thermoformed packaging manufacturer, iPac Innovation.
Other businesses the Fund has supported and helped relocate include a manufacturer and distributor of high-quality doors, Conduit Construction Network, which relocated to a new facility in Belmont Industrial Estate, creating 30 new jobs in County Durham, and a leading developer of integrated circuit platform technology, Pragmatic Semiconductor, which is now building Pragmatic Park in Durham, constructing a centre of excellence for flexible electronics design and manufacturing.
County Durham has a strong support ecosystem for technology with established tech clusters operating across the region. Local businesses operating in the space that received investment from the Fund include Fintech specialists Growth Capital Ventures, a leading developer and operator of online investment and alternative finance platforms, and video-based recruitment/HR Tech SaaS platform Shine, which relocated its operations to County Durham, creating 20 new jobs in the process.
The Fund has also completed a number of profitable exits including threat intelligence and cyber security platform, Intelligence Fusion, who was acquired by global risk services company Sigma7.
To date, Maven has helped over 500 businesses via funding clinics and its access to finance support programme, and to support the next generation of high-growth businesses we work closely with the Durham City Incubator (DCI) Programme, a partnership between Business Durham, Durham University and New College Durham, as well as offering various other start-up support initiatives.
“Maven is thrilled to extend its long-standing commitment to County Durham and the North East and to continue working with Business Durham and Durham County Council in attracting and retaining leading businesses to the region. We now have one of the most active investment teams across County Durham and reaching our recent £12.5m funding milestone is a testament to the appetite for investment in the North East. We are proud to have backed so many ambitious, growth-focused companies in 2022 and look forward to engaging with many more businesses in need of growth funding, to see how we can support.”
Michael Dickens, Investment Manager at Maven
"We are delighted to have appointed Maven to manage the next five year phase of the £20 million Finance Durham Fund following their exceptional performance in managing the fund since 2017. Maven's track record of investments and their commitment to supporting local businesses perfectly aligns with our vision of fostering growth and prosperity across County Durham as outlined in the County Durham Inclusive Economic Strategy. By partnering with Maven, we aim to attract and retain innovative companies, drive job creation, and strengthen our business ecosystem. Together with Maven and our team at Business Durham, we will continue to build a resilient and thriving economy that benefits all residents of County Durham."
Cllr James Rowlandson, Portfolio holder for resources, investment and assets at Durham County Council
"The Finance Durham Fund's remarkable achievement of surpassing the £12.5 million milestone in investments is a testament to the vibrant business landscape in County Durham. Maven's successful management of the fund since 2017 has not only safeguarded over 1,100 jobs but also fuelled innovation and growth across the county. The Finance Durham Fund is a key part of the package of support available to companies looking to thrive and grow in County Durham, and we look forward to continuing our successful partnership with Maven’s investment team."
Sarah Slaven, Managing Director at Business Durham
