£1m on offer to high-growth West Midlands businesses

A new £1 million investment partnership is set to launch.

Birmingham-based fund manager Midven has teamed up with FundingHero to run the latest cohort of a fundraising accelerator programme.

The initiative, which starts in January, aims to empower growing businesses in the West Midlands to secure their first or second major funding round by providing access to senior expertise.

Midven's investment team will support the programme and attend a demo day where companies will be considered for funding agreements of up to £1 million from the West Midlands Co-Investment Fund subject to various conditions.

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FundingHero's programme includes workshops and one-on-one support with the aim of equipping businesses with the tools and knowledge to navigate the complexities of equity investment.

FundingHero was launched in 2022 by Sutton Coldfield-based Jim Shirley and works to simplify fundraising for startups and high-growth businesses.

The ten-year, £25 million West Midlands Co-Investment Fund launched last year and was set up by the combined authority and West Midlands Pension Fund to invest equity of up to £1 million in high-growth SMEs in the region.

It also focuses on bringing in new private investor money and match funding them.

Rupert Lyle, fund principal for the fund at Midven, said: “We are dedicated to identifying and supporting the next generation of innovative businesses in the West Midlands.