Funding growth and innovation in the technology sector
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As one of the UK’s most active SME finance providers, Maven has invested over £55m in dynamic technology businesses since 2009 and has played a vital role in fuelling growth in this vibrant sector.
According to Tech Nation 2017, last year UK digital tech investment reached £6.8 billion with over 1.6 million people employed in the industry. Growing twice as fast as the rest of the economy, over £28 billion has been invested in UK tech in the last 5 years. A recent report highlighted the strength of the industry in the North East, according to Invest North East England, by 2020 it is estimated the region’s technology space alone will be worth around £1.1billion. Now known as one of the fastest growing tech scenes in England, the North East’s digital community is helping to drive the growth of the UK economy as a whole.
Maven can back companies in a range of funding scenarios including management buyouts and buy-and-build strategies, as well as the provision of acquisition finance, development capital and replacement capital. Maven’s UK wide team has a history of investments in ground-breaking companies in the technology space.
As a leading private equity house, Maven has the capacity to invest in a wide range of North East businesses in private equity transactions of up to £15 million, and on behalf of a range of funds including six venture capital trusts (VCTs) and a High Net Worth co-investment network. Maven also manages the £20 million Finance Durham Fund, announced this year by Business Durham, which can support the growth of technology businesses located in, or looking to relocate to the County.
With over £15 million invested into technology businesses already in 2017, Maven has supported a number of innovative firms to maximise their growth potential. In January Maven led a £2.7 million investment in QikServe, a company that has developed a patented B2B cloud-based platform aimed at hospitality operators, enabling customers to order and pay for items from a smartphone, tablet or self-service terminal. Maven’s funding package enabled the rapid roll-out of QikServe’s innovative software platform across the hospitality sector.
In April Maven supported the £6 million management buy-out of ProspectSoft, which provides niche, award-winning CRM and e-commerce software for the B2B market. The business utilised the funding from Maven to help roll out its new Cloud-based SaaS software application Prospect 365.
In June Maven completed a £2.25 million funding package to support ITS Technology, a leading alternative network provider. ITS builds and maintains fibre networks, providing fast and reliable connectivity to businesses in mainly rural areas. The business will use the funding to invest in further networks in new geographical locations, as well as further strengthen the operational capabilities of the business.
Locally, Maven recently invested £1 million to support the next phase of growth of Newcastle-based app designer and technology consultancy, hedgehog lab, which has grown rapidly in its first 10 years and established a global footprint. Funding will allow the company to invest further in its sales and marketing function, boost its delivery capabilities and broaden its presence overseas.
If your business is in need of finance to help unlock its growth potential, the Finance Durham Fund may be able to help. Contact our team today on 0191 731 8595.