Investor Maven has opened a new office in Middlesbrough as part of its commitment to the Northern Powerhouse Investment Fund II.

The new base is in Middlesbrough's Boho Zone which is the digital, creative, and business hub of the Tees Valley, as Maven continues to strengthen its core sector investments in technology, engineering and manufacturing, life sciences and renewables.

Maven has also joined the Tees Valley Business Club to further connect with businesses, providing local companies in Teesside with the necessary help, both in terms of the initial investment process and the ongoing support needed to grow sustainably.

The new office further strengthens Maven’s commitment to invest in the North East, having invested over £50 million in more than 40 companies across the region to date, creating over 1200 new jobs. In addition, the office allows Maven to continue supporting local businesses in Teesside as the appointed equity fund manager in the North East for the Northern Powerhouse Investment Fund II, bringing £50m additional funding to the region.

Maven will also be embarking on a recruitment drive to expand its investment team and identify more local businesses with high potential. The Financial Times’ European Cities and Regions of the Future report in February named Middlesbrough as the sixth best ‘small city’ for its foreign direct investment strategy, demonstrating its strong potential for economic growth and sustained innovation.

Maven is one of the UK’s most active investors and provides essential capital investment to UK businesses. Over the last six years, Maven’s North East team has made a significant and positive impact in the region from its existing base in Newcastle and Durham.

Michael Vassallo, Investment Partner at Maven, said; "With our great track record in the North East region, along with the business opportunities and economic potential present in Middlesbrough, it was clear that establishing an office presence here was the logical next step. We are excited to continue investing in this region and unlock additional opportunities for innovative and ambitious companies.”

Simon Cunnington, Director at British Business Bank, said: “The new Middlesborough office is a demonstration of Maven’s commitment to have a real presence in the Tees Valley as they continue to provide investment to support local business in the region to achieve their growth ambitions.

“With NPIF II now covering the whole of the North East, the expansion will leverage opportunities for the Northern Powerhouse Investment Fund II, helping to better identify and support high-potential businesses in the region."

The £660m Northern Powerhouse Investment Fund II (NPIFII) covers the entire North of England and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.

The purpose of the Northern Powerhouse Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North of England. The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for the North’s smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.