District Business, Midven, secures £35 million of Midlands Engine Investment Fund
District Business, 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, Birmingham being named as ‘the most entrepreneurial UK city’, and boasts an economy worth more than £230 billion – an economy equivalent to Denmark’s.
Midven currently has £73.5 million under management, 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 Birmingham. As with Midven’s local investments in SilverLining and Entrepreneurial Stark 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.
Dudley– 6th March 2018, 8am – 10am
Telford – 7th March 2018, 8am – 10am
Malvern – 8th March 2018, 10.30am – 12.30pm
Coventry – 9th March 2018, 8am – 10am
Stoke – 19th March 2018, 9.30am – 11.30am
Birmingham – 20th March 2018, 8am – 10am
For more information on these events and to register, please visit https://midven.co.uk/funds/midlands-engine-investment-fund.