£25 million of funding supports 40 SMEs across the Northern Powerhouse
Trak-rap Holdings Ltd, manufacturer of sustainable packaging solutions, is the 40th regional business that NPIF – Maven Equity Finance has supported since the launch of the fund
NPIF – Maven Equity Finance, managed by Maven and part of the Northern Powerhouse Investment Fund has invested a total of £25 million, supporting 40 SMEs and helping create over 200 new jobs since launching in February 2017.
An additional £20 million has been raised through private sector funding.
The transaction that helped cross this significant milestone is a NPIF led £1.27 million investment in West Lancashire based Trak-rap Holdings Limited (“TrakRap”), a designer and manufacturer of sustainable packaging solutions.
A total of £750,000 was invested on behalf of NPIF alongside an additional £320,000 from existing shareholders and £200,000 sourced from private investors.
The funding will support the growth of the company’s sales and marketing function, creating up to 67 new jobs over 5 years.
Maven was appointed by the British Business Bank in February 2017 to manage £57.5 million worth of equity finance for the Northern Powerhouse Investment Fund with a focus on investing in the North West.
The fund provides investment capital to support the growth of innovative and ambitious businesses across a wide range of sectors and in a variety of funding scenarios.
Maven works with 5 Local Enterprise Partnerships (LEPs) in the North West, as well as local accountants and banks to identify innovative and high-growth companies in which to invest.
Alex Rothwell, Investment Manager at Maven comments: “TrakRap has created an exceptional product in line with the sustainable strategies many companies are now implementing. The team is highly experienced, and we look forward to working with them as they embark on their program of growth.
“We are delighted that NPIF – Maven Equity Finance has reached such a significant milestone. The fund’s positive impact on businesses in the North of England is already evident, fuelling the growth of ambitious SMEs across a wide range of industries, and supporting a significant number of jobs.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.