Manchester-based cloud and DevOps consultancy Steamhaus Ltd is expanding and creating 15 new jobs following an investment from the Northern Powerhouse Investment Fund (NPIF).
NPIF – FW Capital Debt Finance, managed by FW Capital, has backed the company with a £175,000 cash injection.
Established by Managing Director Daniel Keighron-Foster in 2015 and now employing 12 people, Steamhaus has achieved rapid growth and expects turnover to exceed £1m in 2018. This has been driven by key client wins including VR Solutions company, Immerse, and employee rewards service, Perkbox. Steamhaus specialises in working with tech startups, digital and creative agencies, online retailers, and high traffic sites.
Keighron-Foster said: “Working with FW Capital has been seamless – they quickly understood our business and the potential it has. This funding will allow us to take on key sales and technical staff to provide exceptional service to our growing customer base.”
Commenting on the loan, Gavin Cowling, Senior Investment Executive at FW Capital said: “The Steamhaus team has many years of experience in the sector and an outstanding track record of achievement. The growth of the business to date has been impressive and we are pleased to support the continuation of this with our loan.”
Grant Peggie, Director at British Business Bank, said: “Supporting new and growing businesses to help drive economic growth is a key objective of the Northern Powerhouse Investment Fund. This investment offers a great solution for a smaller business looking to grow and will support job creation in the Manchester region as Steamhaus continues to expand. We look forward to seeing to how the business develops over the coming years.”
Operating from the British Business Bank’s Sheffield head office, the Northern Powerhouse Investment Fund provides a mix of debt and equity funding (£25,000 to £2m). It works alongside 10 Local Enterprise Partnerships (LEPs), the combined authorities and Growth Hubs, as well as local accountants, fund managers and banks, to support Northern-based SMEs at all stages of their development.
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
For more information about Northern Powerhouse Investment Fund, please visit www.npif.co.uk.
FW Capital Limited is regulated by the Financial Conduct Authority as a small authorised UK Alternative Investment Fund Manager under firm reference number 506719