A new fund has been launched by venture capitalist Midven with £18 million to invest in growing businesses in the West Midlands.

A new fund has been launched with £18 million to invest in growing businesses in the West Midlands.

The Exceed Midlands Advantage Fund is backed by private equity firm LDC, regional development agency Advantage West Midlands and the European Regional Development Fund.

Managed by venture capitalist Midven, the fund will invest in businesses in the West Midlands region requiring between £250,000 and £750,000 of investment.

Midven’s chairman Brian Blakemore says the first investments from the fund will be made shortly.

Adds Blakemore, ‘As business recovers from recession and depressed markets, the one ingredient that high growth prospect companies need is capital for expansion and development.’

The Exceed Midlands Advantage Fund is managed by MIdven’s chief executive Tony Stott and the firm’s investment director Surjit Kooner.