Pictured above: Tim Bullock and Paul Newey
New Wave Ventures LLP ("New Wave"), a venture capital
partnership established by Paul Newey and Tim Bullock, and Midven,
the West Midlands' specialist venture capital company, have signed
an agreement to co-invest in early stage opportunities based in the
West Midlands.
New Wave has set aside £1m to invest alongside Midven in
opportunities sourced by Midven. Midven will invest from the Early
Advantage fund, established by AWM and part-financed by the
European Regional Development Fund. Any West Midlands early stage
companies with growth prospects in need of between £50,000
and £200,000 of growth capital will be considered.
New Wave typically invest in larger deals, but see this as an
opportunity to establish a portfolio of early stage investments,
leveraging Midven's deal flow. New Wave and Midven have co-invested
in a number of larger deals to date.
Commenting on the arrangement with Midven, Tim Bullock,
co-founder of New Wave, said: "We have co-invested with Midven in a
number of transactions and found their team to be thoroughly
professional and efficient. We share an approach which is
pragmatic, flexible and seeks to align our interests with those of
the management teams we invest in. Midven is able to source good
deal flow and I look forward to investing alongside Midven in
exciting young businesses that would otherwise be too small for New
Wave to consider."
Commenting on the arrangement with New Wave, Duncan Kerr,
Investment Director of the Early Advantage fund, said: "We are
delighted to cement our relationship with New Wave. This will be a
great catalyst to close smaller deals. We have been working with
New Wave on a number of opportunities and have found them mature
and astute investors, with a focus on the things that matter to the
businesses considered. This down-to-earth approach means the
process to completion is swift once terms are agreed. They are very
supportive shareholders sharing their immense experience to help
managers grow their businesses."
Midven's Early Advantage fund and Exceed fund can provide
substantial follow-on capital to companies which mature
following an initial investment. Midven has been investing in the
region for over 15 years.
For more information about Midven, please visit their website
here: www.midven.co.uk