10th September 2020
MEIF's latest investment will support Utility Stream Ltd as the company looks to recruit and progress new growth over the next few years.
Warwick-based energy consultancy Utility Stream has obtained a significant investment from the Midlands Engine Investment Fund (MEIF) Equity Finance Fund, managed by Birmingham venture capital firm Midven.
Utility Stream provides companies with simplified and sustainable energy solutions. The new funds will allow the firm to create a number of roles for business consultants and account managers in Warwickshire and nationally.
The firm was founded in 2018, with managing directors Naveed Qayyum and Mark Edwards sharing over 20 years of experience in the energy sector. In the short period of time that Utility Stream has been operating, it has developed a unique offering which provides businesses with a full end-to-end consultancy service which includes bespoke energy solutions - helping businesses save money and reduce their carbon footprint.
Mark Edwards, Director at Utility Stream, says: "Primarily, the investment will enable us to continue to develop our business across a range of markets and sectors. This is a very exciting partnership with Midven which has a proven track record in supporting fast-growing, high potential businesses. We're particularly looking forward to combining its experience in business growth with our considerable energy market expertise to create a strong brand presence."
Naveed Qayyum, Managing Director at Utility Stream, says: “This investment will propel the growth and development of Utility Stream. The funding, coupled with Midven’s support and knowledge, will support Utility Stream’s extremely ambitious growth plans. We’re looking forward to the journey that we are about to embark upon and the exciting opportunities that are in store for the company.”
Roger Wood, Midven Director and MEIF Principal, says: "Utility Stream represented an investment proposition that combined an experienced management team, high growth market and clear exit strategy due to significant sector consolidation. This made for a compelling proposition to support. We look forward to working with Mark and Nav over the coming years to make a great success of the business."
Ken Cooper, Managing Director at the British Business Bank, says: “It’s great to see that the MEIF has been able to continue supporting high-growth businesses in the Midlands. The fund provides vital investment that enables businesses like Utility Stream to take advantage of opportunities for growth. This investment demonstrates how this funding can make a real difference for innovative businesses and I’d encourage other SMEs across the region to consider the options available to them through the MEIF.”
Sarah Windrum, Board Director at the Coventry and Warwickshire Local Enterprise Partnership (CWLEP), says: “It is vital we provide as much support to all businesses as possible and particularly SMEs to make them aware of the financial opportunities which are available to help them grow. Utility Stream is a perfect example of that and we wish them well in their growth.”
The Midlands Engine 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.
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