The West Midlands Pension Fund has invested in a private company for the first time through a £25m fund.
The Birmingham-based healthcare technology company, Medmin Group Ltd, will receive £250,000 from the West Midlands Co-Investment Fund, which was established in March with the West Midlands Combined Authority (WMCA) to support SMEs.
The funding is part of a wider £750,000 investment into Medmin with a further £500,000 coming from the Midlands Engine Investment Fund (MEIF) through the MEIF West Midlands Equity Fund. Both funds are managed by Midven, part of the Future Planet Capital Group.
Andy Street, mayor of the West Midlands and WMCA chair, said: ‘When the West Midlands Co-Investment Fund was established, I wanted to see us find and fund great local entrepreneurial teams.
‘So it’s great to see this first investment into Medmin – an innovative health-tech start up with high growth potential. This £250,000 investment has been matched with private co-investment and the Midlands Engine Investment Fund have also contributed to this investment round. This backing will enable the firm to scale its operations – at the same time as creating jobs within our region which is an important part of powering our regional recovery.’
Sign up here to receive our free daily news and jobs bulletin.
