Intelligent data platform provider DiffusionData receives £1 million investment from NEDCF
March 7, 2023
Capital will help fund highly active product development pipeline. Following initial investment from Maven in 2020 while trading as Push Technology, the firm has opened a new engineering hub in Newcastle
6 March, 2023 – The North East Development Capital Fund (“NEDCF”), supported by the European Regional Development Fund and managed by Maven Capital Partners (“Maven”), has supported data platform provider DiffusionData with a £1 million funding package. The investment will enable the business to continue with new product development and quality focus, to maintain and expand customer engagement and satisfaction with the brand and its expanding suite of exciting innovations.
DiffusionData is a market leading platform providing real-time, data streaming and messaging solutions that reduce network bandwidth requirements, allowing customers to expand their businesses.
The company’s Diffusion Intelligent Data Platform consumes raw data in any size, format, or velocity; enriches the data in-flight; and distributes the data in real time reliably and at scale with secure, fine-grained, role-based access control. Diffusion is purpose-built to simplify and speed data-driven, real-time application development, reduce operational costs, and economically deliver hyper-personalized data at Internet scale.
Leading brands, across industries including financial services, transportation, energy, retail, healthcare, eGaming, and Internet of Things companies, use the Diffusion Intelligent Data Platform to drive customer engagement, fuel revenue growth, and streamline business operations. Diffusion is available on-premise, in-the-cloud, or in hybrid configurations, to fit the specific business, regulatory, and infrastructure requirements of the event-driven applications operating in today’s everything connected world.
Maven initially invested in the company back in 2020, when the business operated as Push Technology. Maven VCTs led a £10 million investment and the business has continued to grow following a further £2.55 million investment in May 2022, co-led by Maven, and now receiving further backing via the NEDCF to support their expanded operations into the North East region.
The business will move into the Helix in the Core in Newcastle City Centre, and open an engineering and testing hub creating 10 jobs in the region.
The global low code development platform market size is projected to be worth $39.8 billion by 2027, representing a 31% annual growth rate, with the market worth $5.9 billion in 2020.
Michael Dickens, Investment Manager at Maven said: “This is a great addition to the NEDCF portfolio as a business Maven VCTs had backed in 2020 and has continued to grow. Our funding highlights Maven’s confidence in the business’ performance and the growth of the industry as a whole. It’s fantastic to see DiffusionData expanding into the North East region as it showcases the continued confidence in setting up bases here to push forward to growth and development of these tech focussed companies.”
Grethe Brown, CEO at DiffusionData, said: “This investment from NEDCF and expansion into the North East region comes at a very exciting time for DiffusionData. Our key customers are expanding their use of the DiffusionData platform, new customers are rapidly coming on-board and we are getting noticed. This added confidence in DiffusionData will assist us in establishing an extended quality and performance team based in the North East; another significant step in supporting our footprint growth.”
About Maven Capital Partners UK LLP www.mavencp.com
Maven Capital Partners UK LLP (Maven) is an independent private equity house focused on the provision of flexible equity and debt funding for UK SMEs, and one of the most active managers in the UK having invested over £500 million in British businesses since 2009.
Headquartered in Glasgow, and with eleven offices throughout the UK, Maven has over 90 investment and support professionals providing a truly nationwide coverage. Maven has £660 million funds under management and ready to invest, and manages assets for a variety of client funds, including Venture Capital Trusts, UK regional fund mandates, and Maven Investor Partners, a syndicate of institutional, family office and experienced investors.
About The North East Fund
The North East Fund is a suite five venture capital and loan funds which was established in April 2018, to invest £120m in around 600 North East businesses in the period to March 2023. The fund managers provide business development advice and investment finance to small and medium sized enterprises based in the seven Local Authority areas of North East England: Northumberland, North Tyneside, Newcastle, South Tyneside, Gateshead Sunderland and County Durham. The programme encourages investment in and the commercialisation of new technologies, including low carbon technologies, as well as stimulating new business creation, private investment and entrepreneurialism in the North East, with a view to creating over 2,500 new jobs. The North East Fund has overall responsibility for the programme, which is delivered through five separate funds, each managed by independent, FCA regulated fund managers. Details of these, and up to date information on the progress of the programme, is available on The North East Fund’s website: www.northeastfund.org
The North East Fund has been established with funding from the North East of England European Regional Development Fund programme, the European Investment Bank and from returns on previous North East based, publicly supported investment funds. It is jointly owned by the seven North East local authorities
About the European Regional Development Fund
The North East Fund will receive up to £58,500,000 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Ministry for Housing, Communities and Local Government is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit https://www.gov.uk/european-growth-funding.
About the European Investment Bank
The European Investment Bank (EIB) will lend up to £60,000,000 to the North East Fund programme. The European Investment Bank is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. For more information, visit: http://www.eib.org