Finance Durham Fund invests GBP750,000 in Growth Capital Ventures
Finance Durham Fund, which was established by Durham County Council and overseen by Business Durham, has today announced the investment of GBP750,000 in Growth Capital Ventures (GCV).
The investment through Finance Durham, managed by Maven Capital Partners (Maven), will support GCV’s growth plans as it seeks to further develop its three main business units G-Labs, G-Ventures and Quva, as well as move premises to larger offices within County Durham.
Launched in 2015, GCV is an FCA authorised fintech firm that helps investors build a diversified investment portfolio and supports entrepreneurs with raising capital to launch and scale high-growth businesses.
G-Labs, GCV’s innovation and venture builder unit, invests capital, knowledge, experience, ideas and infrastructure to help tech entrepreneurs incubate business opportunities in high-growth sectors. Taking their ideas from concept to launch, scale, maturity and exit, this approach also provides its G-Ventures online investor platform with access to well-structured and high-quality investment opportunities where the interests of investors and founders are fully aligned.
The latest offering from GCV is fintech software solution Quva, which designs, builds and operates online investment and reporting platforms aimed at streamlining the overall investment process and providing an end-to-end solution for investment managers and investor clients.
The business has a strong senior management team lead by industry experts Norm and Craig Peterson, both FCA accredited and supported by a robust and growing secondary management team.
David Nixon, Investment Manager at Maven, says: “GCV has developed an innovative software solution that considerably streamlines the investment process for investors, and the company is uniquely placed to capitalise on current market conditions. The company has grown to be one of the most high-profile venture builders and incubators in the North East and this is a great opportunity for Finance Durham to support a Durham-based business in not only scaling itself, but supporting the next generation of local entrepreneurs across the county and region as a whole. We very much look forward to continuing working and supporting GCV now and in the coming years.”
Craig Peterson, co-founder and chief operating officer at GCV, adds: “We are delighted to have secured £750,000 of investment from the Finance Durham Fund to support the next stage of our growth. The fund has already backed some exciting businesses in County Durham and we’re thrilled that key partners involved in the fund have bought into our vision to support the region’s ambitious, high-growth businesses.”
Sarah Slaven, Interim Managing Director at Business Durham, says: “GCV are a great example of the kind of dynamic company Finance Durham was set up to help and we are really pleased to be able to support their continued growth through this investment. The services and platforms that GCV have developed will support Business Durham’s agenda to grow the Fintech sector in the County and help new companies bring forward innovative high growth proposals, which will be particularly important as we move into a period of economic recovery.”
Cllr Carl Marshall, Durham County Council’s Cabinet member for economic regeneration, says: “Growth Capital Venture helps investors to develop their portfolios, as well as supporting entrepreneurs to launch high-growth businesses. This means that by investing in the company we are not just supporting one business, but many others too, creating even more jobs and boosting the economy. As we recover from the impact of the coronavirus, it is vital we do all we can to support businesses and the Finance Durham is just one of the ways we are doing this.”