Maven invests £32.5m into North East tech in 2022

Maven North East 2022 Image credit: Maven

Private equity firm Maven has said its North East division invested £15m in 2022 and secured an additional £17.5m in private sector finance.

In the North, East Maven provided financial support to 18 companies in sectors including tech, green energy, deep tech, manufacturing and support services.

It marks a record year of investment for Maven in the North East since it first opened offices in the region in 2017.

“The North East continues to be a region full of opportunity for venture capital investment and the depth of talent and level of innovation across the region is truly inspiring,” said Michael Vassallo, investment director, Maven.

Sizable North East investments from Maven in 2022 included a “multi-million-pound investment” into Cambridge semiconductor producer Pragmatic to construct a second fabrication plant in Durham.

Other investments included funding thermoform packaging business iPac Innovations’ new Durham manufacturing space.

Maven also exited its stake in Durham-based cybersecurity software Intelligence Fusion after it was acquired last year.

Last week, Maven underscored its regional investment focus by moving into four new offices scattered across the North West of England.

“We are committed to the region and are currently advertising for two full-time investment roles to join our North East office as we look forward to expanding our regional business and backing more exciting companies in 2023 and beyond,” added Vassallo.

Maven has offices in 12 areas of the UK including Nottingham, Durham, Bristol and Glasgow.