Maven opens Durham office

Greg Gille
@unquotenews
25 July 2017

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Maven Capital Partners has opened an office in Durham, from which it will manage the £20m Finance Durham Fund.

In conjunction with the office opening, Maven installed a newly recruited local team in order to support Durham-based businesses.

Maven was appointed as fund manager for Durham County Council's £20m Finance Durham Fund in March.

The evergreen vehicle will make up to 70 investments of £200,000-2m each in companies based in or relocating to County Durham, in the north-east of England.

Of the fund's total, 10% will be set aside specifically for investments of £10,000-40,000 in startups.

Business Durham, which appointed Maven on behalf of Durham County Council, has previously made investments in digital bank Atom Bank and PolyPhotonix, a producer of eye masks for the treatment of diabetes-related eye diseases.

The development came shortly after the GP was appointed by the British Business Bank to manage the £53m north-west equity vehicle associated with its Northern Powerhouse Investment Fund.