A digital consultancy has secured £1.6 million in equity funding from the British Business Bank, marking a significant milestone for the lender as it celebrates having supported ten businesses in the South West in the first quarter of the year.
The British Business Bank’s South West Investment Fund has delivered over £5 million in equity funding to the region in the first three months of this year, facilitated through fund managers Maven Capital Partners and FSE Group. This initiative aims to support innovation and stimulate economic growth.
Changing Social Limited, the latest beneficiary of this fund, specialises in helping businesses adopt and integrate Microsoft technology, including Microsoft 365 and generative AI. Founded in 2018 by Steve Crompton and Georgie Kemp, the consultancy will utilise the £1.6 million in funding to staff its new and expanded Bristol headquarters and other locations within the UK and overseas.
Luke Matthews, a partner at Maven Capital Partners, expressed excitement about the investment in Changing Social. He stated, “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.”
Steve Crompton, CEO of Changing Social, remarked, “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.”
Recent beneficiaries of the South West Investment Fund also include Rockfish, a seafood restaurant group, which secured £1.25 million via The FSE Group. With eight restaurants across Devon and Dorset, as well as two takeaways, a fishmonger, and a tinned seafood range, Rockfish has embarked on a three-year growth plan that includes the opening of four more sites and the expansion of its retail business.
Meanwhile, Bristol’s Kelp Industries, which is developing a seaweed-based alternative to plastic packaging, received £500,000 in funding via Maven as part of a £4.3 million funding round to help bring its technology to market.
Jody Tableporter, a director at the British Business Bank, highlighted the significance of the South West Investment Fund, stating, “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 £5 million 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.”
The British Business Bank’s South West Investment Fund continues to play a crucial role in supporting local businesses and driving economic growth in the region. Through strategic investments and partnerships, it is helping innovative companies like Changing Social and Kelp Industries to scale and achieve their growth ambitions.