March 24, 2021 @ 15:39 by Richard Dawson
Bosses at a North East equity firm are celebrating after reaching an investment milestone that has driven prosperity and created 1000 jobs across the region.
Maven Capital Partners has invested a total of £25 million in dynamic, high-growth businesses, including solar specialist Power Roll, specials manufacturer Rokshaw Laboratories and challenger bank Pockit.
Mobile app designer and technology consultancy, hedgehog lab, was the first local business to secure investment from Maven’s North East team in September 2017.
Since then, Maven has invested over £9 million into 11 technology businesses across the region including SoPost, Intelligence Fusion, Hive.HR and Aero Commerce.
In addition to the investments made on behalf of the regional funds, Maven has also successfully leveraged an additional £30 million in private sector finance for local businesses since 2017.
Michael Vassallo, investment director at Maven, said: “We are delighted Maven has achieved such a significant milestone since opening our regional offices in late 2017.
“We’ve worked with some great local businesses and through Maven’s multiple funding streams have been able to back our portfolio at various stages of their growth journey.
“In particular, technology has been a strong focus for us, and we are proud to have played a vital role in fuelling the growth of the vibrant digital sector we have here in the North East.
“Despite the uncertain economic climate we’re experiencing, reaching this key milestone demonstrates the need for this type of finance across the region and we look forward to working with more companies to help them achieve their growth plans.”
Jason Hobbs, CEO of the North East Fund, added: “Maven’s success since opening a North East office demonstrates the clear benefit to the local economy of regional fund management.
“The North East Fund is delighted that, as manager of our Development Capital Fund, Maven has already helped many of the North East’s innovative companies to raise their profiles, secure major new contracts and raise the finance required to implement their growth strategies.”