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MEIF Maven Debt Finance Funds achieve £80m funding milestone

MEIF Maven Debt Finance Funds achieve £80m funding milestone

Between the two funds, MEIF Maven Debt Finance have achieved a new milestone, loaning £80m to growing businesses across the East, South East and West Midlands. The debt funds, which are part of the Midlands Engine Investment Fund (“MEIF”), have been managed by Maven since the wider fund launch in 2018.

Since the Funds began, Maven have backed pioneering Midlands businesses with fantastic stories and huge growth potential, many of which have gone on to showcase their success on the back of receiving vital funding.

The two MEIF Debt Funds, managed by Maven, have now backed 151 businesses across the region and created 713 jobs. The debt funding has played a key role in these high growth businesses by boosting working capital, supporting investment in new products, creating new jobs, and giving businesses across the Midlands region the confidence to move forward and continue to grow.

Some success stories of the fund include Eskuta, who Maven originally supported in November 2019. Eskuta are the official e-bike supplier to established brands such as Dominos and Pizza Hut and have continued to grow and increase sales since MEIF’s backing nearly 3 years ago. Chevin Fleet, a business backed in November 2020, are a fleet software services provider which used the funding to exploit new commercial opportunities and to target the SME market on a global scale.

More recently, Maven through MEIF has continued to support businesses with huge growth potential such as Maeving, a manufacturer of fully electric motorcycles with a removable battery. The business is committed to its role in supporting a greener future and has attracted the interest of local businesses, personal investors and the Mayor of the West Midlands, Andy Street. Another recent business funded was BatFast, a sports technology business who bring competitive sports to people in an engaging, social, and technological way. The business has continued to grow in popularity and is a 2022 Sports Technology Awards winner in recognition of its pioneering and cutting-edge tech solutions.

Richard Blount, Investment Director at Maven in the West Midlands, said:

“The continued success of the funds is evident both from the continued demand for funding from SMEs based across the West Midlands and East and South East Midlands and the growing number of success stories across the Fund’s portfolio.

Furthermore, given the increasing economic challenges being faced by businesses, the continued deployment of finance by the funds to support SMEs across the Midlands, is increasingly important to ensure economic growth, and to protect and increase employment across the Region.”

Jonathan Lowe, Investment Director at Maven in the East and South East Midlands, said:

“We are delighted to have achieved this significant milestone for MEIF loans across the Midlands. Businesses have faced and continue to face major challenges in recent times, and we’re pleased to have played a part in their resilience and growth. With further MEIF funds available to deploy, we remain keen to support SMEs with their finance needs.’’

Mark Wilcockson, Senior Investment Manager at the British Business Bank, added:

“Maven have played a fundamental role delivering debt finance to businesses across the two regions supported by MEIF. This has enabling over 150 businesses to access finance options to support their growth, enabling the creation of new jobs, funding expansion projects and filling gaps in working capital.”

The Midlands Engine Investment Fund 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 and the European Investment Bank.

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