A new £8m early stage equity fund to support the growth of West Midlands’ SMEs launches.
The Early Advantage fund, financed by the Regional Development Agency Advantage West Midlands and the EU’s European Regional Development Fund as one of the Government’s ‘Solutions for Business’ products, will be managed by venture capital firm Midven Ltd.
The Early Advantage fund aims to invest in SMEs, with or without revenues, having the potential to return a multiple of the Fund’s investment in 3-7 years.
The fund will make initial investment of up to £125,000, matched by a private sector investor or investors providing at least the same amount. In subsequent funding rounds, the new vehicle can invest up to a further £125,000 (always being matched by the private sector), having the ability to commit more in certain circumstances.