Investment firm Maven Capital Partners has secured a new contract to continue managing the £20m Finance Durham Fund for Business Durham.
It marks a continuation for the fund manager, which was originally appointed by Business Durham, Durham County Council's business support organisation, in 2017. Maven says it has already Maven invested more than £12.5m and raised an additional £65 million in private sector leverage.
Investees include County Durham's Roman Shower which secured £1.5m funding from Maven to purchase new machinery and materials to meet its growing customer demand and Dyer Engineering, which expanded its market reach and created new jobs on the back of support. The Fund has also backed solar innovator Power Roll's growth the forthcoming expansion of chip manufacturer Pragmatic Semiconductor.
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Michael Dickens, investment manager at Maven, said: “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.”
Maven has also achieved a number of exits through the Fund, including the acquisition of cyber security firm Intelligence Fusion by US-based Sigma7.
Coun James Rowlandson, portfolio holder for resources, investment and assets at Durham County Council, said "We are delighted to have appointed Maven to manage the next five year phase of the £20m 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."
Sarah Slaven, managing director at Business Durham said: "The Finance Durham Fund's remarkable achievement of surpassing the £12.5m 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."
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