Maven invests £1m in Boiler Plan

The transaction includes a £600,000 investment from Maven's venture capital trusts and a further £400,000 from the North East Development Capital Fund, supported by the European Regional Development Fund and managed by Maven.

The new funding will support Boiler Plan's growth strategy to create 40 new jobs in the next 12 months and increase annual turnover to £30m.

Previous funding
In December 2016, Northstar Ventures invested £350,000 to acquire a minority stake in the company, in a deal valued at £500,000. An angel investor provided the remaining £150,000 in the funding round.

Maven invested £1.65m from its VCTs and £500,000 from its North East Development Capital Fund in 2018.

Company
Founded in 2014, Boiler Plan provides an online platform for the purchase of a new boiler. It works with locally subcontracted engineers and installation partners, while providing in-house after-sales care. It is based in Cramlington, UK.

People
Maven Capital Partners – Michael Vassallo (investment director).
Boiler Plan – Ian Henderson (managing director).

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• Topics
• Expansion
• UK / Ireland
• Consumer
• United Kingdom
• Maven Capital Partners