PE Tech Report

NEWSLETTER

Like this article?

Sign up to our free newsletter

North East Development Capital Fund celebrates third anniversary investing over GBP12.5m to date

The North East Development Capital Fund (NEDCF), supported by the European Regional Development Fund and managed by Maven Capital Partners (Maven), one of the UK’s most active SME finance providers, has in the last 12 months, invested over GBP3.6 million in eight dynamic growth businesses across the North East, driving economic prosperity and creating over 100 jobs. 

Notable transactions include the GBP1 million investment into Fintech platform, Pockit, as part of Pockit’s GBP15 million Series B funding round to deliver on its ambitious expansion plans and embark on a recruitment drive to create 17 new jobs in Newcastle in 2021. Maven also led the GBP1.75 million investment in performance marketing services provider, Leaf Grow, to scale its engineering and data science teams, sales & marketing activities and to expand its Newcastle operations to deliver on its growth strategy.  
 
Maven was appointed to manage the GBP27 million NEDCF in May 2018 to provide investment capital to support the growth of innovative and ambitious businesses across a wide range of sectors and in a variety of funding scenarios. Maven has participated in investments ranging from GBP350,000 to GBP7 million in local businesses across the North East and has also successfully leveraged an additional GBP5.8 million in private sector finance in the last 12 months alone. 
 
Built on a proud history of innovation, the region is fast becoming a national powerhouse for technology businesses with a number of industry leading companies already based here. Product sampling platform, SoPost, named 49th in the 2020 Sunday Times Tech Track 100 list of the UK’s fastest growing technology companies, received investment from Maven in October to increase its footprint across key territories in Europe and North America, and build out its available consumer audiences. 
 
Michael Vassallo, Investment Director at Maven, says: “Despite a challenging year, we have been able to support the creation of over 100 jobs in the region. We have continued to invest in the stars of the growing North East technology sector and we’ve also supported high growth businesses in the more traditional sectors such as manufacturing. We’ve had a great start to 2021 and look forward to working with more regional businesses to help them achieve their growth plans.” 
 
Jason Hobbs, CEO of the North East Fund, says: “I’ve been impressed by the continued focus from Maven on investing in businesses here in the North East since the onset of the pandemic. They have also worked hard to help support their existing portfolio companies to grow and create more jobs, while attracting Pockit to the region. I look forward to watching their progress and the growth of further North East companies receiving a boost with investment from Maven and our Development Capital Fund.” 

Like this article? Sign up to our free newsletter

MOST POPULAR

FURTHER READING

Featured