A North East venture capital fund has reached a major landmark after making its 75th investment from the £7.5m Finance For Business North East Angel Fund.
Corporate finance experts from law firm Ward Hadaway advised Rivers Capital Partners on the milestone investment, which sees a six figure sum ploughed into Teesside-based Kamaiden Limited, a company specialising in innovative footwear solutions for children.
The investment marks the second round of funding the North East Angel Fund has made with Redcar-based Kamaiden, which was set up by former London Broncos professional rugby league player Junior Paul.
Kamaiden has developed Scorpeun, a sole with spikes or studs attached which can be strapped to an ordinary pair of trainers for use in school sports and the latest funding will help with further development and marketing.
Michael Dickens of Rivers Capital Partners, which manages the Finance For Business North East Angel Fund, said: “Concluding this 75th investment represents a real milestone for the Angel Fund and Kamaiden is typical of the kind of innovative, creative businesses which we have been able to provide funding for.
“Early stage and start-up companies can find it difficult to access finance so the Angel Fund is proving to be a very welcome source of funding for businesses with real potential to grow.
“The flexibility which the fund offers when it comes to investments is also crucial for businesses at an early stage which want to expand.”
Ward Hadaway Corporate Finance Partners, Imogen Holland and Richard Butts have advised Rivers Capital Partners on a raft of investments from the North East Angel Fund.
Holland added: “As Ward Hadaway have advised Rivers Capital on a number of previous Angel Fund investments, it is particularly pleasing for the firm to have advised on this, the 75th investment.”