The Capital for Enterprise (CfE) fund has invested £2 million in business process outsourcing provider Documetric.
The Capital for Enterprise (CfE) fund has invested £2 million in business process outsourcing provider Documetric.
The deal was led by venture capital firm Maven Capital Partners, one of the two managers of the £75 million CfE fund, which was created by the UK government to support businesses struggling to secure funding because of the credit crunch.
Documetric, which specialises in payment processing and transactional services, will use the investment to continue its expansion. The company has increased its turnover from £2 million to £11 million since it was established in 2007.
Richard Arden, finance director at Documetric, says money from the CfE fund is ‘an attractive alternative to private equity’.
The CfE fund consists of £50 million of taxpayers’ money with £25 million from retail banks Barclays, Lloyds TSB, HSBC and RBS. Maven Capital Partners manages £30 million of the fund, with the same amount controlled by Octopus Investments and the remaining £15 million to be invested directly by Capital for Enterprise, a government subsidiary, on a co-investment basis.
