A County Durham agency has secured £1m from buyers to offer very important backing for start-ups and probably create a whole lot of latest regional tech jobs.
Newton Aycliffe-based Progress Capital Ventures (GCV) has secured the capital from institutional buyers which is able to enable it help 30 high-growth start-ups by its enterprise builder unit, G-Labs.
The funding – made by Finance Durham and managed by Maven Capital Companions – will help GCV’s development plans because it seeks to additional develop its three major enterprise items, G-Labs, G-Ventures and Quva. It would additionally allow it to extend workers from 22 to 40 throughout the subsequent two years, and transfer to bigger workplaces inside County Durham.
GCV has now opened up the funding spherical to new non-public buyers by way of its on-line funding platform – growthfunders.com.
The funding announcement comes because the UK appears to be like to the tech trade to kick-start a post-Covid financial restoration, after UK GDP fell by a document 20.4% within the three months to June 2020.
Investments within the UK tech sector soared to a document £10.1bn final yr, based on commerce physique Tech Nation, a £3.1bn improve on 2018 figures, and the trade is thought to be a key driver of future job creation and financial development.
GCV has already paved the way in which for £45m of funding in high-growth tech companies, together with digital lender Atom Bank and B-North, and worker engagement platform Hive HR, triggering the creation of greater than 600 new jobs prior to now 5 years.
Craig Peterson, co-founder and chief working officer at GCV, stated: “Over the previous 5 years we have now been on a mission to help entrepreneurs and innovators to construct and launch high-growth companies that remodel industries.
“The fundraise is not going to solely improve our capability with additional high quality hires and broaden our enterprise builder arm however in flip will allow the creation and scaling of the UK’s subsequent wave of modern tech start-ups.
“As customers and companies are relying extra on expertise on account of COVID-19, we really feel this funding comes on the proper time to mix capital and intensive help to construct higher, extra sustainable companies.”
GCV has grown quickly because it began out as a fintech firm in 2015, growing and working on-line funding platforms centered on different investments. It has since constructed an in depth non-public investor community throughout the North of England.
It operates throughout the three core enterprise items – the specialist fintech software program division Quva, innovation lab G-Labs and funding community G-Ventures – all working collectively to drive development, create value and ship affect.
Mr Peterson stated: “By our three enterprise divisions we’ve developed a robust method to creating, launching and scaling high-growth companies. We’ve got the potential to help the start-up and enlargement of a number of ventures which have the capability so as to add actual value to the UK’s tech trade.
“This sector will probably be vitally essential to the UK because the economic system tries to get better from the devastating affect of the coronavirus.
“Our intention now’s to put money into and help thrilling new initiatives that may construct, launch and scale companies, creating much-needed jobs at a time when employment is falling resulting from Covid-19.”
Sarah Slaven, interim managing director at Enterprise Durham stated: “GCV are a great example of the kind of dynamic company Finance Durham was set up to help and we are really pleased to be able to support their continued growth through this investment. The services and platforms that GCV have developed will support Business Durham’s agenda to grow the fintech sector in the County and help new companies bring forward innovative high growth proposals, which will be particularly important as we move into a period of economic recovery.”