Wilton-based CatalySystems has secured a £666,000 investment from the Technology Fund, one of seven funds within the Finance for Business North East (FFBNE) programme managed by North East Finance
A Teesside company has helped a North-East business growth fund achieve a major milestone.
Wilton-based CatalySystems has secured a £666,000 investment from the Technology Fund, one of seven funds within the Finance for Business North East (FFBNE) programme managed by North East Finance.
The investment means that the programme has benefited North-east firms to the tune of more than £200m since it was launched in 2010.
CatalySystems, which helps the process industries to conserve, clean and re-use waste water, will use the funds to expand its in-house resources and strengthen its presence in overseas markets.
It has also received investment from the FFBNE Proof of Concept Fund and £150,000 from two angel investors.
It is one of many Teesside firms to benefit from FFBNE, which has also invested in Middlesbrough lighting technology specialist Ambx, Preston Farm recruitment firm MC2 Technical and aircraft recycling specialist Sycamore Aviation, which secured around £750,000 from the Growth Plus Fund.
In total FFBNE has provided more than £90m of debt and equity funding to almost 600 SMEs since 2010, creating or safeguarding around 3,000 jobs.
In addition, the programme has secured more than £110m of private sector cash to support deals from venture capital firms, business angels and other investors – taking the overall investment figure over the £200m mark.
Andrew Mitchell, chief executive of North East Finance, said: “This funding scheme was designed to boost the growth of local companies and the North-east economy.
“As economic conditions have eased and confidence has returned to the market, more companies have applied for FFBNE funds to fast-track their investment plans.
“Private equity and debt finance have played a major role in kick-starting economic growth again after a damaging recession. The fact that FFBNE has reached this magnificent £200m milestone is testament to that.
“Money is still available from the fund and could provide the ideal boost for businesses that require additional investment.”
More than half of investments have been made in Tyne and Wear companies, but in recent months fund managers have received a steady influx of applications from Teesside, County Durham and Northumberland.
Backed by cash from the European Regional Development Fund (ERDF) and the European Investment Bank (EIB), the scheme is on track to support 850 businesses and create or safeguard 5,000 jobs by the end of next year.
It has benefited a host of firms from micro businesses and start-ups to fast-growth medium-sized enterprises.
Investments have been made in companies across a wide range of sectors, including bio-technology, manufacturing, engineering and renewable energy.
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