An investment fund that launched two years ago has injected more than £3m into North East businesses since its inception.
The Finance Durham Fund was set up to fuel the growth of small businesses in the area and so far the fund has invested £3.4m in firms in the county.
To date 10 businesses have benefitted from the cash, with the companies receiving between £40,000 and £2.7m. Maven Capital Partners, the equity house that manages the fund, has also leveraged an extra £5.2m in private sector debt finance for firms.
Among the companies to have received money from the Finance Durham Fund is Water technology business G20, which received £1m, and engineering specialist Dyer Engineering, which gained 1.95m.
Reverse auction marketplace honcho also received £850,000, while Intelligence Fusion benefited from an injection of £400,000.
Maven was appointed to manage the £20m fund by Durham County Council.
The council established the fund and tasked Business Durham to oversee it.
Maven has also established an “Access to Finance” programme that helps SMEs develop an appropriate business structure and strategy to secure growth capital.
The workshops and clinics are supported by more than 20 local partners.
Michael Vassallo, investment director at Maven, said: “We are delighted that the fund has reached such a significant milestone and that we have been able to support so many jobs across the county.
Many of our transactions are fantastic examples of investors in the North East working together to provide local businesses with substantial funding packages to enable them to grow globally.
“At Maven, we understand the importance of proactively providing local support, our investment team has considerable in-depth knowledge of the local SME market, allied to our national resource, we are well-equipped to deliver comprehensive investor readiness training tailored to the individual growth needs of businesses based in County Durham.”
Sarah Slaven, business development director, added: “It is great to look back on the range of companies and projects that have benefited from the Finance Durham fund over the last two years and are already creating jobs and investing further in the County.
“The fund is a key part of the wider package that Business Durham has available to make County Durham an attractive place to do business. We look forward to continuing to work with these companies and those who receive funding from the fund in the future.”
Coun Carl Marshall, cabinet member for economic regeneration at Durham County Council, said: “We are committed to supporting businesses across the county to grow and achieve their ambitions. The Finance Durham Fund is a major part of this and we are delighted to be able to share such positive news as we mark two years since its inception.
“Durham has an international reputation as a home for dynamic businesses. By encouraging entrepreneurship, investing in infrastructure and helping companies to access the growth funding they need, we can build on this reputation and create even more jobs and opportunities.”
