Venture capital firm Midven has secured an additional £2 million to support young and growing companies in the West Midlands.
The capital has come from the European Regional Development Fund (ERDF) and will feed into the £8 million Early Advantage fund which is managed independently by Birmingham-based Midven.
The fund strives to support high growth start-up and early-stage businesses in the region to progress and become profitable.
Duncan Kerr, investment director of the Early Advantage fund at Midven, said: “As start-ups and early-stage companies develop and grow, they face inevitable bumps along the way and businesses have constant cash requirements to overcome them.
“Due to the general lack of funding available on a regional basis, it’s welcome news that the ERDF has made an additional £2 million grant to enlarge the existing Early Advantage fund.
“This will enable the fund to provide further support for the continuing growth of its existing portfolio companies and to invest in new, additional companies within the West Midlands.”
The fund has so far invested £6 million in 41 companies and created or safeguarded 252 jobs with Midven providing ongoing mentoring and management support.
It also leverages private sector co-investment into companies to ensure they have the required funding to reach their potential.