Leading venture capital firm Midven has been appointed to manage the £35 million equity finance portion of the Midlands Engine Investment Fund (MEIF).
Midven will invest all of the funds into high-growth businesses across the West Midlands over the next five years.
The £35 million equity fund was announced by British Business Bank (BBB) on 22 February 2018 as part of the BBB’s £250 million investment.
Aimed at transforming the financial landscape for small businesses in the Midlands, the fund looks to realise the region’s potential to achieve economic growth through enterprise. At the launch, Housing Secretary Sajid Javid MP affirmed the Midlands’ huge potential, which has the greatest entrepreneurial activity outside of London and boasts an economy worth more than £230 billion – an economy equivalent to Denmark’s.
This new fund now takes Midven’s funds under management to over £100 million and for more than 25 years the firm has been a key part of the region’s ecosystem.
Within its portfolio, Midven has continuously supported entrepreneurship within the West Midlands and gone on to establish more than 30 millionaires. Midven’s ‘more than money’ approach of delivering strategic advice and guidance has been key to the firm’s strong track record of high-value exits and will be part of the ongoing Midlands Engine Investment Fund partnership.
Roger Wood, Director at Midven, said:
There’s never been a better time to invest in the West Midlands. As with Midven’s local investments in Allinea and Scripswitch for example, we are seeking to partner with the region’s most ambitious SMEs, to develop and grow the regional economy.”
Following today’s launch, the Midlands Engine Investment Fund and its network of Local Enterprise Partnerships (LEPs) will host 10 events across the West, East and South-East Midlands. The events will provide intermediary advisers with the opportunity to learn more about the funding available, its potential uses and, most importantly, how to apply, with Midven attending the below six roadshows.
For more information on these events and to register, please visit https://midven.co.uk/funds/midlands-engine-investment-fund.
- Ends -
By looking to empower, build and grow businesses, Midven works in partnership with entrepreneurs to build strong and successful companies. Having a hands-on approach, Midven prides itself on being with your business every step of the way; a value it has adhered to since its inception in 1990. Based in the heart of Birmingham, Midven looks to use its extensive experience and expertise by connecting businesses with the right resources, offering support whenever it is needed and investing time and effort to grow your business. For more information about Midven, please visit www.midven.co.uk
About Midlands Engine Investment Fund
The Midlands Engine Investment Fund is operated by British Business Financial Services Limited, wholly owned by British Business Bank, the UK’s national economic development bank. Established in November 2014, its mission is to make finance markets for smaller business work more effectively, enabling those businesses to prosper, grow and build UK economic activity. The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF), as part of the European Structural and Investment Funds Growth Programme 2014-2020, the European Investment Bank and the British Business Bank.
For more information on the fund available, please visit www.meif.co.uk.