Midven and FundingHero Launch £1m Partnership to Propel West Midlands High-Growth Businesses

By Anushka Malhotra

1 minute 18 seconds

Investment

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Quick Read: A £1m partnership between Midven and FundingHero will support high-growth West Midlands businesses through accelerator programs, offering investment opportunities up to £1m.

Midven has unveiled a £1 million partnership with FundingHero, aimed at supporting the region’s most promising high-growth businesses. This collaboration is set to provide companies with the tools and funding they need to secure substantial equity investments and scale their operations.

The initiative will be spearheaded by FundingHero’s accelerator program, which equips businesses with the skills and strategies to navigate the equity investment landscape. The next cohort, starting in January 2025, promises to connect businesses with significant funding opportunities.

Investment Opportunities for Promising Startups

During the program’s demo day, participating businesses will pitch to investors, including Midven’s team. Companies may receive term sheets of up to £1 million from the West Midlands Co-Investment Fund, subject to approval, due diligence, and contractual agreements.

The program focuses on businesses with proven initial traction and high growth potential, seeking to raise between £250,000 and £3 million in angel or venture capital funding.

"This partnership reflects our commitment to discovering and nurturing innovative businesses in the West Midlands,"

said Rupert Lyle, Fund Principal for the West Midlands Co-Investment Fund, managed by Midven.

"FundingHero’s accelerator has an impressive track record in preparing companies for successful investment rounds."

Comprehensive Support for Entrepreneurs

Led by CFO and founder Jim Shirley, FundingHero offers a blend of workshops and tailored one-on-one support, ensuring businesses are well-prepared to attract and manage equity investments.

"Our program is designed to empower entrepreneurs with the knowledge and confidence to secure funding," said Shirley. "By partnering with Midven, we’re enhancing the opportunities for high-growth businesses to thrive in the West Midlands."

Driving Innovation and Growth in the Region

The partnership comes as part of a broader effort to bolster the region’s startup ecosystem, positioning the West Midlands as a hub for innovation and investment. With Midven and FundingHero’s combined expertise, the initiative seeks to unlock growth potential for companies across diverse industries.

What's new

Birmingham Rises as a Leading Hub for Tech and Life Sciences Innovation

Birmingham has solidified its position as a powerhouse for tech and life sciences in the UK, with a surge of new businesses, expansions, and investment making 2024 a landmark year for the city’s innovation ecosystem. With 20 new tech and innovation-led businesses joining the fold and existing companies scaling up their operations, Birmingham is rapidly becoming a hub for groundbreaking advancements and entrepreneurial success.

A key driver of this growth is a £50 million investment by Bruntwood SciTech into Birmingham’s workspaces, enabling the city to attract and support innovative businesses across tech and life sciences. Home to over 2,000 tech startups and 6,000 tech businesses, Birmingham’s reputation as the UK’s startup capital is bolstered by strong subsectors such as fintech, medtech, digital marketing, and gaming.

Key Infrastructure Investment and Strategic Support

Bruntwood SciTech, a joint venture between Bruntwood, Legal & General, and Greater Manchester Pension Fund, has played a pivotal role in creating a fertile environment for innovation. Over the past year, strategic hubs like Innovation Birmingham and Cornerblock have drawn a wave of innovative firms, including Bryt Energy and Apprentify, which have expanded their operations to leverage Birmingham’s rich ecosystem of talent and resources.

With more than 132,000 students in the West Midlands studying critical subjects such as computer science and engineering, the city offers businesses direct access to a pipeline of top-tier talent. This proximity to academic institutions such as the University of Birmingham and Aston University fosters collaboration and drives advancements in areas like medtech, where the city already contributes 8% of the UK’s total turnover.

Life Sciences and Medtech: A Growing Nexus

Birmingham’s growing prominence in medtech is exemplified by the Birmingham Health Innovation Campus (BHIC), set to become the Midlands’ first dedicated life sciences campus. With initiatives such as the Precision Health Technology Accelerator (PHTA), the city is driving groundbreaking medical technologies, further cementing its role as a hub for life sciences.

Looking Ahead: Sustained Growth and Innovation

Bruntwood SciTech’s plans for further investment, including the £4.5 million redevelopment of Centre City and multimillion-pound upgrades to other facilities, reflect a commitment to meeting the needs of the city’s rapidly growing innovation ecosystem. These investments provide businesses with state-of-the-art workspaces designed for collaboration and growth, reinforcing Birmingham’s status as a leading destination for tech and life sciences.

Rob Valentine, Regional Director at Bruntwood SciTech, emphasised the importance of maintaining momentum:

“The recent influx of disruptive and innovative businesses into Birmingham is testament to the strength of the city’s talent, infrastructure, and business support proposition. By creating supportive workspaces and nurturing partnerships, we aim to cultivate an environment where startups and established firms can collaborate, innovate, and drive economic growth.”

With sustained investment and a thriving ecosystem, Birmingham is poised to lead the digital economy and life sciences sectors, attracting global attention and driving the UK’s innovation agenda forward.

By Anushka Malhotra

12 Dec