NPIF Maven Equity Finance invests over £14 million in 2019
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NPIF - Maven Equity Finance has invested over £14 million in dynamic growth businesses across the Northern Powerhouse region in 2019. A milestone year for the fund, driving economic prosperity and supporting the creation of over 170 jobs, Maven has invested in 15 growing businesses across the Northern Powerhouse in the last 12 months and 44 since the Fund’s inception.
Appointed by the British Business Bank in February 2017, Maven manages £57.5 million worth of equity finance for the Northern Powerhouse Investment Fund, working with the Local Enterprise Partnerships (LEPs) and Combined Authorities in the North West. Maven has completed investments ranging from £50,000 to £2 million and has also successfully leveraged an additional £13 million in private sector finance for local businesses this year and over £32 million since the Fund’s launch.
Notable transactions this year include the backing of Cheshire-based Fintech business, My Digital Accounts, an end to end software package incorporating CRM, MTD compliant bookkeeping and bulk payroll modules aiming to support HMRC’s widely-publicised Making Tax Digital (MTD) initiative. The £1.5 million investment in Manchester-based DigitalBridge, a Guided Design platform for kitchen and bathroom retailers, to support the roll-out of the company’s platform and the creation of 15 new jobs.
2019 also saw £1.5 million invested in specialist formwork manufacturer, Fast-Form Systems, to enable the company to execute its ambitious marketing strategy, continue to exploit growth opportunities in the US.
Ryan Bevington, Investment Director at Maven, said: “We are delighted the Fund has achieved such a significant milestone this year and that we have been a key player in supporting the creation of jobs across the region. The Fund’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, and supporting a significant number of jobs.
“Reaching this key milestone in 2019 demonstrates the appetite and need for this type of equity finance and we look forward to working with more innovative, fast growing small businesses to help them achieve their growth plans in 2020.”
Grant Peggie, director at the British Business Bank, said: “It’s good to see that Maven has invested over £14m to businesses across the NPIF area and is a fantastic achievement for all involved. Historically, funding options for businesses in the North have been scarce, which has stifled growth and innovation in the region. NPIF is providing essential funding to growing businesses across the North providing a variety of finance solutions that help businesses to grow, innovate and export.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.