Despite the worst economic conditions since the second World War, growth in new start-ups rose faster in the West Midlands in the last two years than in all other UK regions.
Birmingham, West Midlands (PRWEB UK) 10 March 2014
Venture capital is playing a pivotal role in the resurgence of the West Midlands as the UK’s entrepreneurial “Hub of Enterprise.”
With the proportion of high-growth companies in the region up by 23 per cent in the last 12 months, the Midlands is now home to 317,040 enterprises, the second highest outside London.
Growth in new start-ups rose faster in the West Midlands in the last two years than any other UK region. Last year, Birmingham topped the West Midlands’ new start-up list with more companies (16,281) being launched here than any other UK city outside of London.
Midven continues to foster entrepreneurial activity in the region and recently announced investments in West Midland start-ups Corso, Caption Data, Diverse World and Craft Dragon. Midven has had more than 13 exits in the last six years, including a 36x return on ScriptSwitch, 9x return on Ardentia and an 8x return on Midland Industrial Glass.
Midven director Roger Wood said: “Despite the worst economic conditions since the second World War, growth in new start-ups rose faster in the West Midlands in the last two years than in all other UK regions.”
“The reason this region is leading the fight-back is an embedded entrepreneurial spirit which has led to an explosion of deals and activity. Small- and medium-sized enterprises are continually looking to catapult their growth and increasingly, venture capital is playing a pivotal role in supporting entrepreneurial activity and jobs growth. It’s about more than money – venture capital firms bring knowledge, strategy, experience and support.”
Mr Wood comments that venture capital and private equity will continue to spur growth and cites recent successes in Midven portfolio companies YourVets, which has opened seven practices across the Midlands to provide affordable veterinary care. Since Midven’s investment in YourVets in 2011, has increased turnover 140%.
Igloo Vision, another start-up in Midven’s portfolio, is an innovative designer and builder of 360° visualisation and simulation domes. The immersive 360° domes range from 6-to-21 metres and are fitted with high-definition projectors that project images, games, film or content with cinematic-quality video and studio-quality sound on a wraparound 360-degree screen.
Midven is the leading Midlands-based provider of venture capital funding to early-stage and established businesses. The Birmingham-based venture capital firm currently manages five funds representing a total of £74m under management.
Midven was established in 1990 and has grown significantly since the existing management team took ownership of the business in 2007. The Midven team has established a reputation for delivering solid commercial experience and creative business solutions to help their portfolio companies achieve exceptional outcomes. For more information, please visit http://www.midven.co.uk or follow @Midven on Twitter.