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19th July 2022

Q&A with Membr

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Greater Manchester LEPNorthern Powerhouse Investment FundNPIF - Maven Equity Finance

The Northern Powerhouse Investment Fund was set up to make a real and measurable difference to businesses across the North West, Yorkshire, the Humber and Tees Valley. It has since led to the creation of thousands of new jobs, fuelled growth plans, and helped to create a more prosperous regional economy.

As part of NPIF’s 5th anniversary, we spoke to eight businesses that have secured investment to learn more about their investment experience.

Worsley-based Membr secured a significant investment from NPIF – Maven Equity Finance in 2020. Since then, the fitness focused management software platform has been able to expand internationally and double both its customer base and revenues.

We spoke to Matthew Pass, CFO at Membr, to ask about the impact of investment from the Northern Powerhouse Investment Fund – here’s what they had to say:

Why did you seek out NPIF – Maven investment?

“Our business had reached a stage where we were looking to select a strategic, institutional equity investor who understood our business and would provide the growth capital required to fuel both our near and longer-term business expansion plans. It was important to know that if we required additional financing further down the line, we could secure it quickly and efficiently from the same source. Furthermore, as a Manchester based business, we were very keen to be associated with the ‘Northern Powerhouse’ brand.”

 Why was equity finance the right finance option for your business?

“We had some existing amortising debt on the balance sheet.  However, as a high growth but loss-making business, keeping our cash burn to a minimum in the months ahead was the primary objective. Our international expansion project into Asia had a potentially long, costly, and uncertain lead time and hence equity was the optimal solution for us.”

What difference has NPIF funding made to your business?

“The NPIF equity financing was of a quantum that provided us with an extended window where we could focus solely on growing our business and not worry about sourcing future liquidity needs. Following completion of our international expansion that this capital raise financed we have doubled both our customer base and revenues.”

 What new opportunities has NPIF provided you?

“The financing provided by NPIF has allowed us to reach a critical point where we are near cash flow neutral. This will allow us to self-finance our future international growth plans without the need for further shareholder dilution.”

What would you say to other business owners considering NPIF funding?

“Given our very positive experience with NPIF in terms of raising both debt and equity financing, I would have no hesitation in recommending them to any high growth business who is looking for a long-term strategic financing partner.”

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.

Maven Capital Partners UK LLP is authorised and regulated by the Financial Conduct Authority, Firm Reference Number 495929.

Editors Notes

Find Out More

If you would like to meet with one of our appointed Fund Managers to talk in more detail please go to 'Funds Available' to find the Fund Managers operating in your area

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Microfinance

£25k – £100k

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Debt Finance

£100k – £750k

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Equity Finance

£50k – £2m

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