Maven leads £7m round in electric vehicle specialist Avid

In addition to Maven, the North East Development Capital Fund, supported by the European Regional Development Fund and managed by Maven, also took part in the investment, alongside Avid's previous backers and existing shareholders NVM Private Equity and Downing Ventures.

The fresh funding will enable Avid to increase its production and invest in further development of electric motors, power electronics and battery systems.

Previous funding
Avid raised £3.4m in funding from NVM and Downing in July 2016.

Company
Founded in 2004 and based in Cramlington, Northumberland, Avid specialises in the manufacture and development of powertrain components and propulsion systems for heavy-duty and high-performance electric and hybrid vehicles. Its product range includes constituent parts for battery systems, power electronics, thermal management systems and traction motors.

People
Maven Capital Partners – Jamie Fraser (investment manager).
NVM Private Equity – Mauro Biagioni (investment partner).
Avid Technology Group – Ryan Maughan (managing director).

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• Topics
• Expansion
• UK / Ireland
• Technology
• Consumer
• Maven Capital Partners
• NVM Private Equity
• Venture
• United Kingdom