North East finance company invests £750k in growth capital move
A North East finance company has announced a £750k investment in a growth capital firm.
Finance Durham Fund, which was established by Durham County Council and overseen by Business Durham, made the investment in Growth Capital Ventures (GCV).
The investment will support GCV’s growth plans as it aims to move to larger premises in County Durham and develop its three main business units.
David Nixon, investment manager at Maven, commented: “GCV has developed an innovative software solution that considerably streamlines the investment process for investors, and the company is uniquely placed to capitalise on current market conditions.
“The company has grown to be one of the most high-profile venture builders and incubators in the North East and this is a great opportunity for Finance Durham to support a Durham-based business in not only scaling itself, but supporting the next generation of local entrepreneurs across the county and region as a whole.
“We very much look forward to continuing working and supporting GCV now and in the coming years.”
Craig Peterson, co-founder and chief operating officer at GCV, added: “We are delighted to have secured £750k of investment from the Finance Durham Fund to support the next stage of our growth.
“The fund has already backed some exciting businesses in County Durham and we’re thrilled that key partners involved in the fund have bought into our vision to support the region’s ambitious, high-growth businesses.”
Sarah Slaven, interim managing director at Business Durham, said: “GCV are a great example of the kind of dynamic company Finance Durham was set up to help and we are really pleased to be able to support their continued growth through this investment.
“The services and platforms that GCV have developed will support Business Durham’s agenda to grow the fintech sector in the county and help new companies bring forward innovative high growth proposals, which will be particularly important as we move into a period of economic recovery.”
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