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MEIF’s latest investment will support Utility Stream as the company looks to expand on its ambitious growth over the next few years.
Warwick-based energy-solutions company Utility Stream has obtained a significant investment from the Midlands Engine Investment Fund (MEIF) Equity Finance Fund, managed by Birmingham venture capital firm Midven. Utility Stream has provided companies with simplified and sustainable energy package solutions since its inception in 2018.
Managing Directors Naveed Qayyum and Mark Edwards share over 20 years of experience in the energy sector. In the short period of time that Utility Stream has been operating, it has developed a unique offering which provides businesses with bespoke energy-solution services according to individual needs, with sustainability at the forefront of everything they do.
The use of the funds will help the team to achieve its mission of encouraging more UK businesses to use renewable energy and incorporate the latest technologies to reduce their carbon footprint. To achieve these goals, they intend to expand their team, which will involve creating a number of roles for sales consultants and account managers in Warwickshire and further afield.
In addition, Utility Stream will use its investment for further brand-awareness and the promotion of its strong message on the importance of sustainably-sourced energy. They also look to support events and exhibitions in the energy industry.
Mark Edwards, Director at Utility Stream, says: “Primarily the investment will enable us to continue to develop our business across a range of markets and sectors. This is a very exciting partnership with Midven who have a proven track record in supporting fast-growing, high potential businesses. We’re particularly looking forward to combining their experience in business growth with our considerable energy market expertise to create a strong market presence”.
Naveed Qayyum, Managing Director at Utility Stream, says: “This investment will propel the growth and development of Utility Stream. The funding, coupled with Midven’s support and knowledge, will support Utility Stream’s extremely ambitious growth plans. We’re looking forward to the journey that we are about to embark upon and the exciting opportunities that are in store for the company.”
Roger Wood, Midven Director and MEIF Principal, says: “Utility Stream represented an investment proposition that combined an experienced management team, high growth market and clear exit strategy due to significant sector consolidation. This made for a compelling proposition to support. We look forward to working with Mark and Nav over the coming years to make a great success of the business.”
Ken Cooper, Managing Director at the British Business Bank, says: “It’s great to see that the MEIF has been able to continue supporting high-growth businesses in the Midlands. The fund provides vital investment that enables businesses like Utility Stream to take advantage of opportunities for growth. This investment demonstrates how this funding can make a real difference for innovative businesses and I’d encourage other SMEs across the region to consider the options available to them through the MEIF.”
Sarah Windrum, Board Director at the Coventry and Warwickshire Local Enterprise Partnership (CWLEP), says: “It is vital we provide as much support to all businesses as possible and particularly SMEs to make them aware of the financial opportunities which are available to help them grow. Utility Stream is a perfect example of that and we wish them well in their growth.”
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
Utility Streams Contacts:
Drew Craythorne, Digital Glue
0121 389 2784
Utility Stream was founded in April 2018. Its goals are to simplify business energy and to ensure the world becomes a more sustainable place. The team provides bespoke energy packages catered towards individual business needs, along with high-quality account management services in order to simplify all that comes with achieving cost-effective and energy-efficient solutions.
To find out more about Utility Stream’s services, visit: https://utility-stream.com/about/
For more than 25 years, leading Birmingham-based venture capital firm Midven has been supporting Midlands SMEs, investing more than £60m into the region and raising £200m co-investment into their portfolio. Midven’s ‘more than money’ approach helps to build strong and successful companies and support businesses every step of the way. Midven continues to extend its reach to invest in the Midland’s most ambitious entrepreneurs through its recent appointment to manage the £35 million equity portion of the Midlands Engine Investment Fund (MEIF), as well as the launch of the firm’s first Enterprise Investment Scheme (EIS) fund. For more information about Midven, please visit www.midven.co.uk.
The British Business Bank is the UK government’s economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.
The British Business Bank programmes are supporting more than £7.2bn of finance to over 93,000 smaller businesses (as at end of September 2019).
As well as increasing both supply and diversity of finance for UK smaller businesses through its programmes, the Bank works to raise awareness of the finance options available to smaller businesses:
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