A FINANCE company is eyeing further expansion after a £1m boost.

Growth Capital Ventures (GCV) has received a £1.1m investment from private equity house Maven Capital Partners.

The company, based in Newton Aycliffe, County Durham, worked with fellow North-East firm Endeavour Partnership to complete the deal.

GCV develops and operates online co-investment platforms such as Growth- Funders, which allows everyday investors to invest alongside professionals and venture capital funds to back the next generation of highgrowth British businesses.

Norman Peterson, cofounder, said Maven’s arrival will help the organisation continue its momentum, revealing it plans to launch a peer-to-peer lending platform for investors to get into assetbacked property and clean energy opportunities.

He added: “We’re delighted to have Maven on board.

“The investment is part of an overall £1.25m investment round and will enable us to strengthen the team, enhance core technology and significantly expand the investor base.”

Fellow co-founder Craig Peterson said the deal would not mean GCV will be leaving its roots.

He added: “We are expanding nationally but remain committed to our heartland region of the North-East and to have a law firm based locally, with the breadth of expertise we needed, gave us confidence to complete the deal efficiently.”

Martin McKinnell, associate at Endeavour Partnership, which is based in Thornaby, near Stockton, said it was delighted to have played a role in GCV’s growth.

He added: “This was a deal with varying aspects.

“It was also an interesting deal, not only because it’s a fantastic achievement for another local business, but also because we teamed up with Maven, a prominent private equity firm.”