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Business & Economy

Growth Capital Ventures reveals £1 million support to create hundreds of tech jobs

A growing fintech company aims to help create hundreds of tech sector jobs after securing £1 million support.

Growth Capital Ventures (GCV) hopes to back 30 high-growth start-ups across the region.

Bosses at the Newton Aycliffe-based operator say it will support fledgling businesses via its G-Labs venture builder unit, adding the cash – secured from institutional investors – will also help it nearly double its 22-strong workforce over the next two years.

The commitment comes as Britain looks to the tech industry to kick-start a post-COVID-19 economic recovery and will build on GCV’s existing support for the sector.

Officials say it has already facilitated £45 million of investment in high-growth tech businesses – including digital lenders Atom Bank and B-North and employee engagement platform Hive HR – and the creation of more than 600 new jobs in the past five years.

Craig Peterson, GCV co-founder and chief operating officer, said: “We have been on a mission to support entrepreneurs and innovators to build and launch high-growth businesses that transform industries.

“The fundraise will not only increase our capacity with further quality hires and expand our venture builder arm, but in turn will enable the creation and scaling of the UK’s next wave of innovative tech start-ups.

“As consumers and businesses are relying more on technology as a result of COVID-19, we feel this investment comes at the right time to combine capital and intensive support to build better, more sustainable businesses.”

GCV has evolved rapidly since its inception in 2015.

The company started life predominantly as a fintech company, developing and operating online investment platforms focused on alternative investments.

However, having formally launched its first platform – in 2015 – it has since built an extensive private investor network across the North of England.

GCV operates across three core business units – a private investor network, a specialist fintech software division and an innovation lab.

Craig added: “We’ve developed a powerful approach to creating, launching and scaling high-growth businesses.

“We have the capability to support the start-up and expansion of several ventures that have the capacity to add real value to the UK’s tech industry.

“This sector will be vitally important to the UK as the economy tries to recover from the devastating impact of the coronavirus.

“Our aim now is to invest in and support exciting new projects that can build, launch and scale businesses, creating much-needed jobs at a time when employment is falling due to COVID-19.”