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South West Investment Fund delivers £5m equity funding in three months

Press release 06 September 2024

The British Business Bank's South West Investment Fund has delivered over £5 million in equity funding to 10 businesses in the region within the first quarter of the financial year.

  • Changing Social Limited a digital consultancy has received £1.6 million in equity funding via delivery partner Maven Capital Partners
  • Other businesses receiving equity funding include seafood group Rockfish and sustainable packaging developer Kelp Industries.

The British Business Bank’s South West Investment Fund has delivered over £5 million in equity funding to businesses in the region in three months.

The South West Investment Fund aims to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the South West region. The fund provides a mix of debt and equity funding, with equity investment up to £5 million. Equity funding allows businesses to obtain investment by selling shares in the business.

The £5m of investment within the first quarter of the financial year (April to June-end), delivered via fund managers Maven Capital Partners and FSE Group, has supported 10 businesses across the region to grow. They are based across the South West, from Plymouth and Devon, to Cheltenham and Bristol.

Changing Social Limited secures £1.6 million

The latest South West business to secure equity funding via the South West Investment Fund is digital consultancy Changing Social Limited which has secured £1.6 million in funding via Maven Capital Partners.

Founded in 2018 by Steve Crompton and Georgie Kemp, the company supports businesses with the adoption and integration of Microsoft products and new ways of working, including Microsoft 365, the Power Platform, and enterprise generative AI. 

As a leading Microsoft Partner, over the past five years Changing Social has delivered over 350 engagements across a diverse range of sectors in the UK and the US. This funding will allow the business to invest in its delivery and sales teams at its new and expanded Bristol headquarters as well as overseas, helping expand its reach both in the UK and internationally.

Luke Matthews, Partner at Maven Capital Partners, said:

We’re delighted to invest in Changing Social, making it part of our growing portfolio in the South West. From its base in Bristol, it has a track record of working with clients across the UK and US, and is an example where an experienced, ambitious management team with a people-first ethos was a clear attraction for investment. The South West Investment Fund was set up to support local businesses like Changing Social, a business with huge growth potential based in the heart of our region, and we are excited to support Steve and his team as they look to grow further.

Steve Crompton, CEO at Changing Social, added:

Partnering with Maven Capital Partners and the South West Investment Fund marks an exciting new chapter for Changing Social. This investment will enable us to scale our operations, enhance our service delivery, and expand our reach both domestically and internationally. We are committed to helping organisations unlock the full potential of their Microsoft investments, and with this support, we can drive even greater impact and innovation in the AI and digital transformation space. We are grateful for Maven’s confidence in our vision and look forward to a successful collaboration.

Jody Tableporter, Director, at the British Business Bank, said:

The South West Investment Fund is designed to provide crucial funding that empowers growth in businesses across the region. The South West is home to a wealth of pioneering companies, from leaders in sustainable packaging to those pushing the boundaries of technology like Changing Social. We are delighted that several businesses capitalised on this opportunity in the last quarter, securing over £5m in equity investment through our funding partners. We encourage any business considering its next step to explore how the South West Investment Fund could unlock new potential.

Other South West businesses to benefit from recent equity investment from the South West Investment Fund include seafood restaurant group Rockfish which successfully secured £1.25 million via The FSE Group. Rockfish has grown to include eight restaurants across Devon and Dorset, two takeaways, a fishmonger, as well as a tinned seafood range with a focus on sustainability and quality. The company is now set to execute a strategic three-year growth plan, which includes the opening of four new sites and the expansion of its retail offerings. 

Another business to secure equity funding is Kelp Industries, which is developing a seaweed-based alternative to plastic packaging and is based in Bristol. It received £500,000 in funding via Maven to take its pioneering technology to market as part of a £4.3m funding round.

Further Information

If you are a journalist and have a media enquiry, please contact mediaenquiries@british-business-bank.co.uk.

Notes to editors

About the South West Investment Fund

  • Operated by the British Business Bank, the South West Investment Fund provides a mix of debt and equity funding. The fund offers a range of commercial finance options with smaller loans from £25k to £100k, debt finance from £100k to £2m and equity investment up to £5 million. It works alongside the Combined Authorities, Local Enterprise Partnerships (LEPs), and Growth Hubs, as well as local intermediaries such as accountants, fund managers and banks, to support the South West’s smaller businesses at all stages of their development. 
  • The funds in which the SWIF invests are open to businesses with material operations, or planning to open material operations, in: Bournemouth, Poole, Dorset, Somerset, Cornwall and Isles of Scilly, Plymouth, Torbay, Devon, Bristol, Bath and North East Somerset, North Somerset and South Gloucestershire, Gloucestershire, Swindon and Wiltshire.
  • Supported by Nations and Regions Investments Limited, a subsidiary of British Business Bank plc, the Bank is a development bank wholly owned by HM Government. Neither Nations and Regions Investments Limited nor British Business Bank plc are authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA).
  • The investment from the South West Investment Fund into the businesses mentioned in this release does not amount to any endorsement or warranty from Nations and Regions Investments Limited, the British Business Bank plc or the government of the United Kingdom.

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