Midven agrees investment venture
Birmingham venture capitalist Midven has signed a joint venture agreement with New Wave Ventures LLP to co-invest in opportunities based in the West Midlands.
Dorset-based New Wave has set aside £1m to invest alongside Midven in early stage opportunities sourced by Midven. The company typically invests in larger deals, but said it saw the venture with Midven as "an opportunity to establish a portfolio of early stage investments".
Midven will invest from the Early Advantage fund, established by Advantage West Midlands and part-financed by the European Regional Development Fund.
West Midlands-based, early stage companies with growth prospects looking for between £50,000 and £200,000 of growth capital will be considered.
Duncan Kerr, investment director of the Early Advantage fund, said: "We are delighted to cement our relationship with New Wave. This will be a great catalyst to close smaller deals. We have been working with New Wave on a number of opportunities and have found them mature and astute investors, with a focus on the things that matter to the businesses considered.
"This down-to-earth approach means the process to completion is swift once terms are agreed. They are very supportive shareholders sharing their immense experience to help managers grow their businesses."
