A Newcastle digital agency is launching an online marketplace to help freelancers find work on the back of a £750,000 investment package.
Founded in 2014 by Vic Morgan, e-commerce and digital marketing business Venture Stream has grown its turnover, client base and workforce and now has a team of 27 employees managing more than 60 accounts across a range of sectors.
The Newcastle city centre based business, which last year moved its staff to a four-day week to give them a better work-life balance, has tapped into the investment from the North of Tyne Culture and Creative Investment Programme and Creative UK’s landmark Creative Growth Finance fund.
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Delivered in partnership with the North of Tyne Combined Authority, the North of Tyne Culture and Creative Investment Programme offers first of its kind financial and business support to those working in the cultural and creative industries in North Tyneside, Northumberland and Newcastle.
The company said that Creative UK’s investment will enable it to accelerate the growth of its consulting business and launch an online marketplace to help top freelancers find work.
Mr Morgan, founder and CEO of Venture Stream, said: “It’s great to have Creative UK on board as a strategic investor, supporting Venture Stream’s award-winning ecommerce and digital marketing business. With their support, we’re now able to expand our commitment to people-first strategies, including our four-day work week initiative and creating work for ecommerce and digital marketing freelancers globally through our new Flow marketplace platform.
“Our team has always been at the heart of our business, and we look forward to continuing our journey with the financial support of Creative UK, one of the leading backers of talent and innovation in the creative and digital economy.”
Caroline Norbury, chief executive, Creative UK, said: “Venture Stream is a fantastic example of the type of creative business we want to invest in – one with not only a strong growth story and market performance, but also a clear commitment to their Environmental, Social and Governance responsibilities. We are particularly delighted that part of Creative UK’s investment is drawn from the North of Tyne Culture and Creative Investment Programme, with the growth and success of Venture Stream primed to generate high-quality employment opportunities within the North of Tyne region’s creative economy.”
Carol Bell, strategic engagement lead for the North of Tyne at Creative UK, said: “We are very pleased to be investing in Venture Stream, a brilliant North East business that promises to create high-quality opportunities within the North of Tyne region. We have no doubt that with our support they will continue to enhance the creative and digital eco system of the area, setting an example that we hope similar businesses in the region will follow.”
The North of Tyne Culture and Creative Investment Programme is investing over £2m on behalf of the North of Tyne Combined Authority through loan and equity financing. Creative Growth Finance is a specialist investor dedicated to the Creative Industries, co-funded by Triodos Bank.
