Maven announces a busy year investing in 18 local business across the North East as the local team embarks on a recruitment drive to expand the investment team.
Maven Capital Partners, (“Maven”), one of the UK’s most active private equity houses, is delighted to announce that its North East office, led by Investment Director Michael Vassallo, achieved a record year in 2022. The local team invested £15 million and successfully leveraged an additional £17.5 million in private sector finance to support 18 dynamic, high growth businesses across the North East region, completing over £30 million of deals.
The core sectors that received investment were Technology, Manufacturing, Support Services, DeepTech, and Green Energy.
Following the success of Maven’s North East team, it will be embarking on a recruitment drive to expand its investment team, allowing Maven to seek out and support more companies in the region.
Maven invested in many exciting businesses across the North East, including a multi-million pound investment in to Pragmatic Semiconductor, which has developed and commercialised world-leading technology. The funding will be used to support UK-based semiconductor manufacturing at Pragmatic’s new 15-acre Pragmatic Park site in Durham.
The team also invested in high growth technology businesses, including employee voice specialist HiveHR and real time data provider Diffusion Data, as well as more established businesses, including market-leading training and recruitment services provider Castle View Training and Newton Aycliffe based manufacturer Roman Showers.
In 2022, Maven also helped businesses relocate to the region, supporting AI powered technology platform, RevLifter, to move part of its business to the Catalyst in Newcastle, as well as supporting sustainable thermoformed packaging manufacturer, iPac Innovations, with funding to open a new manufacturing facility in Durham following major contract wins.
Maven also completed a highly successful exit from Intelligence Fusion, a threat intelligence data and software provider based in County Durham. The business was acquired in August by US private equity backed Sigma 7.
Over the last five years, Maven’s North East team has made a significant, positive and lasting impact on the regional economy, backing over 40 local companies, and creating and safeguarding over 1,250 jobs.
This significant level of investment has been achieved through Maven’s management of the £20m Finance Durham Fund, established by Durham County Council and overseen by Business Durham and the £27 million North East Development Capital Fund, supported by the European Regional Development Fund, alongside its suite of private equity funds.
Michael Vassallo, Investment Director at Maven, said: “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.
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.”
