Maven Capital Partners (“Maven”) has announced it has reached an important milestone as it celebrates £60 million of investment in North West businesses from NPIF – Maven Equity Finance which is part of the Northern Powerhouse Investment Fund (“NPIF”). It also reaffirms Maven’s position as one of the UK’s most active investors in high growth smaller companies.
Appointed by the British Business Bank in February 2017 to manage the North West equity fund for NPIF, Maven’s focus has been investing in innovative and fast growth businesses across North West England. Since the Fund’s launch, Maven has invested in 69 businesses across the region, including Greater Manchester, Liverpool, Lancashire, Cheshire & Warrington, and Cumbria.
Equity funding from NPIF – Maven Equity Finance has enabled ambitious entrepreneurs, innovators and business leaders to grow their businesses further and faster by helping them to enter new markets, launch new products, expand their customer base, boost employee numbers and capitalise on market opportunities.
The investment, which has been deployed across a diverse range of high growth companies, has created over 1,000 new jobs and played its part in supporting the local economy and strengthening employment opportunities across the region.
Success stories for the Fund include Mojo Mortgages, a Macclesfield based fintech business which was sold to RVU, owner of the well-known consumer comparison sites Confused.com, Money.co.uk and Uswitch.
Funding has also seen Lancashire based Relative Insight increase its annual recurring revenues by more than 180% since 2019, and recently raised a further £5 million through a Series B funding round. Orka Technology Group also benefited from the Fund. The Manchester-based start up has grown at pace and gone on to raise over £30 million in funding since it was launched in 2017.
Alex Rothwell, Senior Investment Manager at Maven, said, “We are proud to have played a key role in supporting SMEs in the North West by delivering equity investment from the Northern Powerhouse Investment Fund and see so many businesses thrive and grow from the investments made to date. Supporting local growth through the backing of strong management teams is fundamental to what we do. Maven’s UK wide office network, which includes Manchester and Liverpool, ensures that we have a strong presence in the region, extensive local knowledge, and that our experienced executives are on hand to work effectively with management teams to overcome any challenges and maximise opportunities.”
Ryan Bevington, Partner at Maven, added, “The North West has long been a vibrant economy and base for ambitious entrepreneurs to build successful businesses. From Alan Turing inventing the world’s first computer, to the discovery of graphene at Manchester University in 2004, there is a history of innovation and entrepreneurialism in the region. Looking back at the businesses we have supported over the past five years it provides me with a lot of confidence that this ingenuity remains just as strong.
Looking ahead, we have an exciting couple of years ahead because of the government’s decision to extend NPIF until at least 2023. Whilst we have invested £60 million to date, we have up to £96 million of equity finance in total available to businesses across the North West and therefore we’ll be embarking on many more growth journeys with ambitious businesses to help them fulfil their true potential.”
Sean Hutchinson at the British Business Bank, added, “Maven has done a fantastic job supporting an array of high-growth businesses in the North. Over the past five years, NPIF – Maven Equity Finance has been providing organisations with the financial tools needed to kickstart their business. The work completed to date has been instrumental in bringing prosperity across the region, driving high levels of economic activity and creating new jobs in the region.”
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.