UK private equity firm Maven has been re-awarded a contract to manage the £20m Finance Durham Fund for another five years to channel investments into businesses in the region.
Business Durham reissued the Finance Durham Fund to Maven, which has managed the contract since 2017.
The North East England fund has invested more than £12.5m to date. It has created an extra £65m in public sector leverage and helped 28 of the region’s companies, Maven said.
“We now have one of the most active investment teams across County Durham and reaching our recent £12.5m funding milestone is a testament to the appetite for investment in the North East,” said Michael Dickens, investment manager at Maven.
Tech firms that have benefited from the Finance Durham Fund include Sunderland solar film business Power Roll and thermoform packaging manufacturer iPac Innovations.
It has also helped flexible semiconductor startup Pragmatic fund the construction of its Durham-based fabrication plant.
Cllr James Rowlandson, portfolio holder for resources, investment and assets at Durham County Council, said: “By partnering with Maven, we aim to attract and retain innovative companies, drive job creation, and strengthen our business ecosystem.”
The North East ecosystem is a strong focus for Maven, with the investor deploying £32.5m into the region’s tech firms in 2022.