Midven funds East Mids business
Birmingham-based commercial venture fund manager Midven has invested in Nottingham-based Activ8 Intelligence from its Early Advantage Fund.
Activ8 Intelligence, which was formed in 2005, offers human resources reporting and analytic services to help organisations recruit the best staff, lower absence at work and improve the returns from training.
As well as investment from the Early Advantage Fund, the company has also attracted money from existing investors and new business angels.
The move will allow the company to expand its resources and focus on driving sales, it said.
"We are delighted to welcome Midven as a shareholder as it has an excellent reputation for the support it provides to growing companies, and we are particularly pleased to be doing this during such an exciting time in the development of Activ8 and its marketing proposition," managing director Matthew Lymbery said.
Midven manages five funds representing £61m under management. The funds have invested in a variety of sectors, including software, bio-technology, healthcare, engineering, manufacturing and distribution.
Its £8m Early Advantage Fund provides investment for small, high-growth businesses at start-up and early-stage.
