Midven enters Diverse World

Midven is investing via its £18.4m Exceed Fund, which launched in December 2009 and started operating in March 2010 following LDC's commitment to the fund. It invests up to £750,000 in a range of sectors in the West Midlands. Other investors include the Department for Business Innovation and Skills, and the European Regional Development Fund.

The fresh capital will be used for recruiting additional sales staff and increasing the range of offered tours. The deal was sourced directly; the business approached Midven. Previous funding was solely internal.

The Learning Outside the Classroom agenda is said to be increasing market demand for educational tours currently.

Midven manages £61m across five funds investing in software, biotechnology, healthcare, engineering, manufacturing and distribution. Portfolio companies include publishing company Learning Labs, alternative fuels business Amalyst and software company Active8 Intelligence.

Company
Based in Digbeth, Birmingham, Diverse World provides educational European tours to schools and colleges designed around the school curriculum.

Itineraries include history tours to northern France, modern languages, art and design tours to Paris and Barcelona, as well as geography tours to Iceland. The company employs five staff.

People
Ian Fairclough, investment manager at Midven, led the deal. Jamie Gardiner is the managing director of Diverse World.

Advisers
Management – George Green Associates (Legal).

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