Durham appoints Maven as $25m fund manager

Business Durham, the economic development arm of the Durham County Council, has named Maven Capital Partners as the manager of a $25m fund.

VC and private equity firm Maven Capital Partners has been put in charge of a £20m ($25m) investment fund created by Business Durham, the economic development company of Durham County Council, Tech City News reported on Monday.

Maven will make individual commitments of £10,000 to £2m to up to 70 companies based in County Durham, located in north east England.

The fund is expected to begin operations in May 2017 and focus on various sectors. Approximately 10% of the fund’s capital has been allocated to startups and proof-of-concept businesses.

Maven will look to tap into the local ecosystem, which includes Durham University, to identify opportunities.

Simon Goon, managing director of Business Durham, said: “We have taken great pride in helping entrepreneurs turn bright ideas into successful businesses and I truly believe this commitment of £20m will be seen as a transformative move because access to finance has historically been a real issue for businesses in the north east.

“I have no doubt that it will go a long way to address this issue and help businesses create jobs and add to the economic prosperity to the county.”

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