A Lancashire packaging firm is the 40th SME that has been backed by Maven Equity Finance, taking the investment firm past the £25 million milestone.
Maven was appointed by the British Business Bank in February 2017 manage investment into the Northern Powerhouse Investment Fund (NPIF).
Trak-rap Holdings Ltd, a designer and manufacturer of sustainable packaging solutions known as TrakRap, received £1.27 million investment. A total of £750,000 was invested on behalf of NPIF alongside an additional £320,000 from existing shareholders and £200,000 sourced from private investors.
The funding will support the growth of the company’s sales and marketing function, creating up to 67 new jobs over five years.
Alex Rothwell, Investment Manager at Maven said: “We are delighted that NPIF – Maven Equity Finance has reached such a significant milestone. The fund’s positive impact on businesses in the North of England is already evident, fuelling the growth of ambitious SMEs across a wide range of industries, and supporting a significant number of jobs.”
Since being appointed by the British Business Bank in February 2017 to manage £57.5 million worth of equity finance for the NPIF, Maven’s investment has helped create over 200 new jobs.
TrakRap has developed a packaging solution which serves as a replacement for traditional heat tunnels and cardboard box packaging, that reduces the carbon foorprint of supermarkets, food manufacturers and high- volume goods manufacturers.
