Northumberland electric vehicle business secures £7m investment

Northumberland electric vehicle manufacturer AVID Technology Group has secured £7m in an investment round led by private equity firm Maven.

With the hybrid and electric vehicle industry growing rapidly, venture capital specialist Maven worked with the North East Development Capital Fund to invest in the Cramlington-based electric vehicle specialist.

Commenting on the investment, AVID Technology Group’s managing director Ryan Maughan said: “We are very pleased to welcome Maven as part of this latest investment round.

“AVID is experiencing unprecedented demand for its products and services and we are looking forward to delivering on this growth potential with the support of our new and existing investors.”

The business plans to use the funds to meet increasing demand for hybrid and electric vehicles, increasing production volumes of key components and investing in further product development.

Jamie Fraser, investment manager at Maven, added: “Maven is delighted to lead the fundraising in AVID, one of the leaders in its field, developing a global reputation in electrification solutions for heavy-duty and high-performance vehicles.”