NVM leads £3.4m round for Avid

NVM contributed £2m to the round, while investment firm Downing and existing backer IP Group also took part.

The fresh capital will enable Avid to invest in the further development of its engineering and manufacturing facility in Cramlington, Northumberland.

Andy Hales, who was formerly corporate finance partner for diversified industrials at KPMG, also invested and will take on the role of chairperson at Avid.

The deal marks NVM's second investment of 2016, with the GP having provided £2.5m of growth capital to Manchester-based software firm MPD Group in May.

Company
Founded in 2008 and headquartered in Cramlington, Avid produces electrified powertrain systems for use in vehicles including buses, trucks and cars. Its systems are designed to improve the efficiency of fuel-cell, hybrid and electric vehicles.

People
NVM Private Equity – Mauro Biagioni (partner); Charles Winward (investment director).
Downing – Kostas Manolis (partner).
Avid Technology Group – Ryan Maughan (managing director).

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