Investment fund reaches £100m milestone as more than 200 businesses benefit in West Midlands
More than £100 million has been awarded to over 200 businesses across the region following the launch of a new capital fund two years ago.
The landmark has been surpassed by the second round of the Midlands Engine Investment Fund (MEIF) which launched in February 2024.
The fund, which is owned and operated by the Government's British Business Bank, has so far directly invested more than £65 million into Midlands businesses, alongside an additional £38.6 million from the private sector.
Among those Shropshire businesses which have received funding is Different Dog, a Telford-based company which makes healthy food for dogs using natural ingredients.
Founders Charlie and Alex Thurstan initially started cooking food at home for their cocker spaniel and then began selling online.
Last month, they secured £1.5 million from the MEIF to help them complete the fit-out of their premises in Telford comprising a new state-of-the-art kitchen to meet growing demand.
Also winning backing was structural engineering consultancy Design 4 Structures which has worked on landmark sites including Hong Kong Airport and Piccadilly Circus in London.
In December, it secured a £400,000 loan to help it expand and take on larger and more complex contracts, supporting its 60 staff in Telford and London.
It is using the money to create new jobs and invest in AI to create more advanced modelling tools.
The MEIF is part of the British Business Bank's £1.6 billion suite of Nations and Regions Investment Funds which aim to increase the supply and diversity of early-stage finance for UK smaller businesses.
Keira Shepperson, senior director of regional funds at the British Business Bank, said: "The Midlands Engine Investment Fund II plays a central role in backing the region's most ambitious firms with high growth potential.
"With £100 million invested so far, more than 200 of the region's firms are already feeling the impact access to funding can have on their scaling journeys.
"This second anniversary milestone is a powerful testament to the innovation, ambition and strength of entrepreneurship across the Midlands and it is just the beginning.
"The region is home to innovative firms with the talent and drive to scale and we look forward to working with more of them."
