Maven VCTs and the North East Development Capital Fund (NEDCF), supported by the European Regional Development Fund and managed by Maven, have invested £2.2 million in Reed Thermoformed Packaging Ltd (trading as iPac Packaging Innovations).
The transaction is split evenly between NEDCF and the Maven VCTs.
The NEDCF first provided funding to iPac in 2019 to help it invest in state-of-the art equipment, including new thermoform machines. The business has since tripled its revenues to over £10 million.
Today’s funding will support the scaling of the business, facilitating an increase in the manufacturing lines from 5 to 13 within five years, alongside increasing headcount by over 80%.